Orange Juice Futures---Orange juice futures in the September contract settled last Friday in New York at 102.30 while currently trading at 99.00 down about 300 points for the trading week still hovering right near a 4 month low.
I have been recommending a bearish position from around the 98.50 level and if you took that trade continue to place the stop loss above the August 7th high of 103.20 as an exit strategy as the chart structure is outstanding due to the low volatility.
This trade has been very stubborn as we continually go sideways despite the fact that we have broken out of an 8-week consolidation as there is very little fresh fundamental news to put volatility back into this market.
At the current time this is my only soft commodity recommendation as ideal growing conditions in the State of Florida and the country of Brazil continue to hamper prices in the short-term as traders are keeping a close eye on the 7/10 day weather forecast to see if any hurricanes enter the Atlantic ocean as that could possibly cause damage to the orange crop in Florida.
For the bearish momentum to continue we have to break the August 5th low of 95.85 and if that does occur I think the bearish trend could accelerate to the downside.
CHART STRUCTURE: EXCELLENT
If you are looking to contact Michael Seery (CTACOMMODITY TRADING ADVISOR) at 1-630-408-3325 I will be more than happy to help you with your trading or visit www.seeryfutures.com
FREE TRIAL FOR THE LIMIT UP COMMODITY NEWSLETTER
If youre looking to open a Trading Account click on this link www.admis.com
There is a substantial risk of loss in futures and futures options. Furthermore, Seery Futures is not responsible for the accuracy of the information contained on linked sites. Trading futures and options is Not appropriate for every investor.