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Orange Juice Technical Analysis - Orange Juice Trading: 2020-05-14
Orange Juice Technical Analysis Summary
Above 119.95
Buy Stop
Below 110.21
Stop Loss
| Indicator | Signal |
| RSI | Neutral |
| MACD | Neutral |
| Donchian Channel | Neutral |
| MA(200) | Buy |
| Fractals | Buy |
| Parabolic SAR | Buy |
Orange Juice Chart Analysis
Orange Juice Technical Analysis
On the daily timeframe the ORANGE: D1 is rising above the 200-day moving average MA(200) which has levelled off. We believe the bullish momentum will continue after the price breaches above the upper Donchian boundary at 119.95. This level can be used as an entry point for placing a pending order to buy. The stop loss can be placed below 110.21. After placing the pending order the stop loss is to be moved every day to the next fractal low, following Parabolic signals. Thus, we are changing the expected profit/loss ratio to the breakeven point. If the price meets the stop-loss level (110.21) without reaching the order (119.95) we recommend cancelling the order: the market sustains internal changes which were not taken into account.
Fundamental Analysis of Commodities - Orange Juice
USDA forecast lower Florida orange crop for 2019-2020 season. Will the orange prices continue rising?
Orange juice is trading near a fourteen-month high after a surge following coronavirus outbreak. Demand for orange juice increased as many consumers consider its nutrients and high vitamin C content boost human immune system. And recent Department of Agriculture National Agricultural Statistics Service ( NASS ) May crop forecast projects a decrease in oranges and grapefruit production. The USDA predicted Florida Orange production at 69.7 million boxes, down 1 percent from the April forecast. According to NASS, this will be 3 percent less than last season’s revised final production if realized. Lower supply estimates are bullish orange price. On the other hand, a reversal to old consumption habits as coronavirus infection concerns subside is a downside risk for orange price.
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