Orange Juice Near 2 Week High On Hurricane

Orange Juice Futures---Orange juice futures in the November is currently trading lower by 90 points at 156.30 as I've been recommending 2 bearish positions with an average price around the 157.50 level & if you took those trades place the stop loss at 158.75 as a hard stop on a closing basis only.

Earlier in the week prices traded right near the 160 level only to sell off later in the trading session as that was a closing only stop, but at this point in time I'm not willing to risk a sharply higher trading session as the volatility has come back into the market due to Hurricane Florence causing massive rains possibly hitting Florida & some of southern states.

Personally I believe this is over exaggerated as I don't think this will have much impact on orange production, but you must have an exit strategy as we have been unable to crack the 152.40 level which was touched on multiple occasions only to rally as I will remain short & continue to place the proper stop loss and not 2nd guess.

Juice prices are still trading under their 20 and 100 day moving average as the trend is lower as volatility in many of the agricultural sectors such as cotton have increased tremendously due to the uncertainty about this hurricane and what effect it will have on certain crops.

I still believe the April 24th gap around the 147 level could be filled, but if we are stopped out it will be time to move on and look at other markets that are beginning to trend.

TREND: LOWER

CHART STRUCTURE: EXCELLENT

VOLATILITY: INCREASING

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