ORANGE Analysis: A reduction in early oranges harvest is expected in South America

February 11, 2020

By IFCMarkets

A reduction in early oranges harvest is expected in South America

The USDA expects a reduction in early oranges harvest in Brazil by 30% in the 2020/2021 season compared to the previous 2019/2020 season. The Brazilian agricultural agency Cepea agrees with this assessment. A low harvest is a result of the drought in Brazil in September-October 2019. Another positive factor for orange juice may be the decision of the US Senate to resume the allocation of funds to Florida to treat all tourists with orange juice free of charge as a part of the “VISIT FLORIDA” marketing program. The authorities of China’s Chongqing city assume that fresh fruits and oranges may alleviate the state of patients with coronavirus.This can stimulate demand.

Indicator VALUE Signal
RSI Buy
MACD Buy
Parabolic SAR Buy
Bollinger Bands Buy
MA(200) Neutral
Fractals Buy

 

Summary of technical analysis

Order Buy
Buy stop Above 100
Stop loss Below 93.5

Market Analysis provided by IFCMarkets


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