Orange Juice to 160

7 באוק׳ 2016

Orange Juice has put in a weekly pin bar at the major level of $200. Also, on the daily chart we put in a evening star, which spells trouble for the future prices. We also are in an ascending wedge that if broken in the near term future targets $160. This wedge also has weekly divergence, which confirms this move. The next support level would be $100. Finally, from a fundamental view less and less frozen OJ is being bought from consumers all while price is at the highest level it's been, which doesn't make sense seeing that demand is just overall low. Yes, of course there is less producing now and businesses shutting down in Florida, but the reason is because of the demand. All the details are in the chart.