Every 3-4 years since 2009, the price of orange juice has found a cyclical bottom. We are currently not only sitting on the cyclical low, but also resting on the channel range low/trend-line.
The daily chart has given a green light to get long, however, this is a monthly chart so the chop can easily last 6-12 months before lifting off (if it does)
Here we have the pullback to the former support, now resistance. It's a classic setup where I look to go short, maybe in the daily TF.
Watch out for shoot through the line...be patient!
Target is the Centerline.
As a speculator I look into the logic behind $JO supply and demand. At price levels it changes hand and the climate outlook.
Lastly the technical outlook and CFTC positioning.
United states imported %66 of it's JO demand from Brazil in 2017 and as citrus greening and grove renewal is continuing to cap Florida producers. Leaving the U.S heavily dependent on...