March Orange Juice Futures a Buying Opportunity on More Price Strength
See on the daily bar chart for March frozen concentrated orange juice futures (FCOJ) that prices have paused after a strong push higher recently. This pause is not bearish and suggests the bulls are just storing up energy for another move higher soon. A move in prices above the November high of $1.5045 would give the bears fresh upside momentum and it would also become a buying opportunity. The upside price objective would be $1.6000, or above. Technical support, for which to place a protective sell stop just below, is located at this week’s low of $1.4620.
