Orange Juice - Cash VANTAGE:OJ


- The market has registered higher highs and lows for 6-months ; the mid-term trend is then bullish

- Since the last market top, prices have registered another pull-back to $4.0774.

During this consolidation, the market has registered a rounding bottom pattern, highlighting the fact buyers remain powerful enough to switch market sentiment and lead prices to new highs.

Both moving averages are reversing the upside, acting as a dynamic short-term support to the market, while the DMI indicator also shows an increasing bullish pressure.

The Stochastic indicator is at the doors of its overbought zone, where bullish acceleration are likely to take place.

- The situation is frankly bullish for the Orange Juice. The continuation rounding bottom which takes place right above the last market overlap (defined by the market top registered in February) tend to support the scenario of a bullish trend resurgence.

The next targets can be found around $4.61, $4.78, $4.96 and above $5.00 by extension.

Pierre Veyret, Technical Analyst at ActivTrades

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