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Orange Juice: Intermediate Top
OJ prices have gone up significantly very quickly since El Niño - probably the most among all commodities. Notice, last week price broke minor two month trend line followed by a .618 retracement into the trend line.
Below is a chart showing extreme lows in the US Dollar against orange juice prices. My yellow indicator at the bottom must correspond with price in the purple rectangle. We have that now.
Chart below shows the key levels OJ is up against (purple boxes). Additionally, a momentum shift may be coming (see blue line on the bottom). Price will likely be challenged here. If not, they will explode higher, but I think it will be short lived if they actually do. Probability is certainly on our side for price getting challenged.
Below is a chart showing extreme lows in the US Dollar against orange juice prices. My yellow indicator at the bottom must correspond with price in the purple rectangle. We have that now.
Chart below shows the key levels OJ is up against (purple boxes). Additionally, a momentum shift may be coming (see blue line on the bottom). Price will likely be challenged here. If not, they will explode higher, but I think it will be short lived if they actually do. Probability is certainly on our side for price getting challenged.
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