September orange juice futures a selling opportunity on more price weakness.
See on the daily bar chart for September frozen concentrated orange juice (FCOJ) futures that prices have seen a corrective bounce from the June low. My bias is the market has seen just a corrective, short-covering bounce and that more downside price action is coming. A move below chart support at Wednesday’s low of 1.3335 would become a fresh selling opportunity. The downside price objective would be 1.2250, or below. Technical resistance, for which to place a protective buy stop just above, is located at 1.3750.
