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Is Orange Juice Approaching A Double Top?
By Dian L. Chu
Over the past year, orange juice futures have roughly doubled, and could rise some more as the US Department of Agriculture (USDA) in February cut its forecast for the US orange crop following a series of winter storms and frosts in Florida.
In the same report, USDA also trimmed its forecast of the juice yield Florida producers would reap per box of oranges processed. Florida is the world’s biggest grower after Brazil, and the state's coldest December on record already sent OJ futures surging 3.1% in January, following a 9.6% gain in December, on supply concerns.
However, this recent run-up seems to have rendered OJ a double-top formation (see monthly chart), which is a bearish signal in technical analysis.
So, here is a low-cost and low-risk trade setup for a potential quick profit - come in and short when price approaches $200, and put a stop at just above the previous top around $206.
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Where's Beaks?!!!
+1. I had the most absurd nightmare. I was poor and no one liked me. I lost my job, I lost my house, Penelope hated me and it was all because of this terrible, awful Negro.
A karate man bruises on the inside!
http://www.youtube.com/watch?v=fmOJa6T8z-k
YEA ;-)
It has more to do with the 100% crop failures in Mexico and the US southwest than it does with speculation at this point. Somehow I don't think Florida OJ is going to be on the breakfast table either, all the tests that have been run show that anyone drinking it or eating them might as well take up a two pack a day habit of chain smoking.
Only place shipping OJ right now is Brazil and the US isn't the only market in the world that drinks it or eats oranges.
You're saying the OJ is dangerous? That's really unsettling news, could you explain?
It's been raining oil in Florida along with cortex. There have been thousands of cases in the Florida panhandle and through out the southern US per month with people bleeding out their eyes and ass.
Water is life, and that water builds food. Then that food get picked and sent to other places. People eat it because it's "cheap" mainly because anyone in Florida is doing what any sane human won't do. Leave, never look back and if they are staying, they eat canned goods.
http://beforeitsnews.com/stories/in/0000000000000138
Hope you've got time on your hands, there's tonnes of little articles and news stories on the Gulf and the safety of anything being produced there and the quickly deteriorating health of the residents.
Noticed that there have been cheap shrimp rings and 8 pound bags of oranges in the supermarket lately? There's a reason. It's called offloading bad product.
If you are worried about juice, drink Apple juice from a can