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Wait for a Move Above This Price Before You Buy July Orange Juice (FCOJ) Futures
July orange juice futures (OJN25) present a buying opportunity on more price strength.
See on the daily bar chart for July frozen concentrated orange juice futures (FCOJ) (OJN25) that prices have rebounded from the April low and on Tuesday scored a bullish “outside day” up on the daily bar chart. Longer-term chart price history shows strong technical support near the April low. It’s my bias that the FCOJ market has put in a near-term price bottom.
Fundamentally, FCOJ prices should continue to be supported by reduced orange output from major producers Brazil and Florida. A disease called citrus greening in Florida and adverse weather in both regions – droughts and hurricanes – have reduced orange production from Florida and Brazil. Consumer demand for FCOJ has also been stronger in recent years.
A move in July FCOJ above chart resistance at $2.800 would give the bulls more power and it would also become a buying opportunity. The upside price objective would be $4.0000, or above. Technical support, for which to place a protective sell stop just below, is located at $2.2500.
IMPORTANT NOTE: I am not a futures broker and do not manage any trading accounts other than my own personal account. It is my goal to point out to you potential trading opportunities. However, it is up to you to: (1) decide when and if you want to initiate any trades and (2) determine the size of any trades you may initiate. Any trades I discuss are hypothetical in nature.
Here is what the Commodity Futures Trading Commission (CFTC) has said about futures trading (and I agree 100%):
Trading commodity futures and options is not for everyone. IT IS A VOLATILE, COMPLEX AND RISKY BUSINESS. Before you invest any money in futures or options contracts, you should consider your financial experience, goals and financial resources, and know how much you can afford to lose above and beyond your initial payment to a broker. You should understand commodity futures and options contracts and your obligations in entering into those contracts. You should understand your exposure to risk and other aspects of trading by thoroughly reviewing the risk disclosure documents your broker is required to give you.
