Orange Juice Fills The April 24th Gap !

Orange Juice Futures---Orange juice futures in the November contract is sharply lower this Tuesday afternoon in New York down 530 points at 147.20 filling the gap that was created on April 24th as I have talked about that situation on numerous blogs as today that situation finally came to fruition.

I have been recommending a bearish position over the last month from around the 163 level and then adding more contracts at the 154 level and if you took those trades continue to place the stop loss on a hard stop only at 158/75 as the next major level of support is all the way down to the 140 level as I still remain very bearish.

The entire soft commodities are bearish across the board as the agricultural markets continue to bleed on a daily basis as the grain market is lower once again today as I have several bearish recommendations in that sector so stay short juice as I will be looking at adding more contracts once the risk/reward become in your favor & the chart structure improves possibly in next week's trade.

Juice prices are trading far below their 20 and 100 day moving average as the trend clearly is to the downside as Hurricane Florence had no impact on orange production in the state of Florida just like I thought as that was way over hyped as the hurricane hit the Carolina's and not orange producing areas as this trend is getting stronger and stronger on a weekly basis.

TREND: LOWER

CHART STRUCTURE: POOR

VOLATILITY: INCREASING

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