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Orange Juice Technical Analysis - Orange Juice Trading: 2023-05-09
Orange Juice Technical Analysis Summary
Below 258
Sell Stop
Above 282
Stop Loss
| Indicator | Signal |
| RSI | Sell |
| MACD | Sell |
| MA(200) | Neutral |
| Fractals | Sell |
| Parabolic SAR | Sell |
| Bollinger Bands | Sell |
Orange Juice Chart Analysis
Orange Juice Technical Analysis
On the daily timeframe, ORANGE: D1 has broken down from its uptrend. Several technical analysis indicators have signaled a downward movement. We do not rule out a bearish trend if ORANGE: D1 falls below its last minimum: 258. This level can be used as an entry point. The initial risk limit could be above the historical maximum, the last upper fractal, the upper Bollinger line, and the Parabolic signal: 282. After opening a pending order, we move the stop-loss following the Bollinger and Parabolic signals to the next fractal minimum. This way, we change the potential profit/loss ratio in our favor. The most cautious traders can switch to the four-hour chart after making a deal and set a stop-loss, moving it in the direction of the movement. If the price exceeds the stop level (282) without activating the order (258), the application should be removed: internal changes are taking place in the market that were not taken into account.
Fundamental Analysis of Commodities - Orange Juice
Market participants are hoping for an increase in the orange harvest forecast. Will the ORANGE quotes continue to decline?
In April 2023, the United States Department of Agriculture (USDA) forecasted the orange crop in the US for the 2022/2023 agricultural season to be 2.57 million tones. This is a quarter less than the previous season and the lowest in over 50 years. The small crop in the US may be due to poor weather conditions and Citrus Greening disease. Some market participants are hoping for an upward revision in the forecast. The USDA could potentially release a new estimate in their review on May 12. The correction in ORANGE prices started from a new historical high. It is worth noting that according to the USDA forecast, global orange production in the 2022/2023 season will only decrease by 5% to 47.5 million tones. However, the price of ORANGE has increased by more than 1.5 times in the past 12 months.
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This overview has an informative and tutorial character and is published for free. All the data, included in the overview, are received from public sources, recognized as more or less reliable. Moreover, there is no guarantee that the indicated information is full and precise. Overviews are not updated. The whole information in each overview, including opinion, indicators, charts and anything else, is provided only for familiarization purposes and is not financial advice or а recommendation. The whole text and its any part, as well as the charts cannot be considered as an offer to make a deal with any asset. IFC Markets and its employees under any circumstances are not liable for any action taken by someone else during or after reading the overview.
