Orange Juice Prices Near A 4 Week High

Orange Juice Futures---Orange juice futures in the January contract finished higher by 305 points to close at 140.35 settling right near a 4 week high as now prices have rallied about a 1000 points from last Friday's low all based on massive short-covering in my opinion.

I had been recommending 4 bearish positions from early August as that's how far this market has dropped as prices formed a head & shoulders top pattern breaking out on August 8th, however as I have talked about when prices hit a 2 week high it is time to move on & look at other markets that are beginning to trend.

Orange juice prices are now trading above their 20 day moving average, but still far below their 100 day as the trend is mixed as I am not bullish this commodity, but everything comes to an end and this happened very quickly as I will not be stubborn as when prices hit the 2 week high it is time to exit and reevaluate.

The downtrend line has also been broken for the 1st time in 3 months as this has been the classic bearish trend that grinds lower on a weekly basis, but everyone ran for the hills over the last couple of days as we are entering the volatile winter months for juice prices as weather will play a major effect especially if a deep freeze hits key growing orange regions so keep a close eye on this market.

TREND: ---MIXED

CHART STRUCTURE: POOR

VOLATILITY: AVERAGE

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