July orange juice futures a buying opportunity on more price strength.
See on the daily bar chart for July frozen concentrated orange juice futures (FCOJ) that prices are in a 2.5-month-old uptrend and on Friday hit a fresh contract high. Prices have also recently seen a bullish upside “breakout” from a congestion area on the daily chart. Fundamentally, there are worries about a greening disease reducing the size of the Florida orange crop. A move above solid chart resistance at Friday’s contract high of 1.4765 would become a fresh buying opportunity. The upside price objective would be 1.6500, or above. Technical support, for which to place a protective sell stop just below, is located at 1.3900.
