Orange Juice Prices Remain Weak

Orange Juice Futures--- Orange juice futures in the November contract is currently trading lower by 90 points at 98.30 after settling last Friday in New York at 101.00 continuing its bearish momentum as I still think lower prices are ahead.

I had been recommended a bearish position in the September contract form around the 98.50 level while exiting around the 97.00 area then rolling over into the November contract and if you take this recommendation place the stop loss above the 2 week high standing at 94.65 as an exit strategy.

In my opinion I believe prices will retest the August 19th low of 94.65 possibly in next weeks trade as I see no reason to own any of the soft commodities or the agricultural sector at this time.

Major problems with the trade agreement with China certainly will have a bearish fundamental factor and as long as there is no hurricane in the Atlantic to curtail production numbers in the state of Florida as this market is in trouble to the downside so stay short as I think the volatility will start to increase as well.

TREND: LOWER

CHART STRUCTURE: EXCELLENT

VOLATILITY: LOW

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