Orange Juice Futures
Orange juice futures in the March contract is currently trading at 101.35 after settling last Friday in New York at 100.55 up slightly for the trading week still experiencing very low volatility.
I have been recommending a bullish position from around the 103.30 level, and if you took that trade, continue to place the stop loss under the multi-year low, which stands on December 6th at 97.90 on a closing basis only as the proper exit strategy. Volatility should start to expand to the upside as we enter the volatile winter season for the State of Florida, which could produce a frost that would decimate the orange crop, sending prices sharply higher. However, the 7/10 day weather forecast has ideal weather temperature, as that is why prices have been stuck in the mud. Juice prices are trading above their 20-day but still below their 100-day moving average as the trend is mixed at the current time, but I still do believe that the risk/reward is in your favor to take a bullish position.
I also have a bullish cotton recommendation as we were stopped out of the sugar trade yesterday as I still do believe the agricultural markets are amid bullish trends as I think the downside is limited, so stay long.
CHART STRUCTURE: EXCELLENT
Gold futures in the February contract is sharply higher this Friday afternoon as the United States killed the number 2 leader of the country of Iran sending shockwaves throughout many sectors today. That sent gold up $23 at 1,552 an ounce after settling last Friday at 1,518up about $34 for the trading week. Continue reading "Weekly Futures Recap With Mike Seery"