Orange Juice Expecting 5-10% Rise Within 1 Month
Anatoly Grigoryev | Jan 01, 2017 05:44PM ET
Recently orange juice futures, traded on the Intercontinental Exchange (ICE), fell from $222 and made the bottom at $186 price level. This trend took 28 calendar or 19 trading days. There is a psychological rule of the 21 day cycle, which reverses price trends very often. Now we can see that such cycle is over and the price has started to bounce to the upside. What to expect next?
h3 The bounce targets/h3There are 2 possible targets at the bullish side for now. Look at the chart:
As you can see, the nearest resistance level is at $210, and if it breaks this level, expect the uptrend continuation back to $220. The resistance is stronger there, so long position closing is highly recommended there, and if you are a short-term trader, there will be a good place to open a short position at the $220 level.
h3 Angle support/h3Please note the orange line with green arrows below it. This is the main support angle that is active now. If the price decides to go down again, earlier than expected, then the breaking of this support line will indicate to us that the short-term bull is cancelled, and orange juice futures price is about to go down to new lows.
/h3
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