ORANGE Analysis: Crop estimate downgrade bullish for orange price

June 30, 2020

By IFCMarkets

Crop estimate downgrade bullish for orange price

Orange juice is rebounding following a retreat after hitting a 19-month high three weeks ago. Demand for orange juice remains strong with consumers viewing its nutrients and high vitamin C content as a means to boost human immune system. And recent Department of Agriculture National Agricultural Statistics Service ( NASS ) May crop forecast projects a decrease in oranges and grapefruit production. The USDA predicted Florida Orange production at 67.7 million boxes, down 3 percent from the May forecast. Lower supply estimates are bullish for orange price.

Indicator VALUE Signal
RSI Neutral
MACD Buy
Donchian Channel Buy
MA(200) Buy
Fractals Buy
Parabolic SAR Sell

 

Summary of technical analysis

Order Buy
Buy stop Above 126.6
Stop loss Below 116.96

Market Analysis provided by IFCMarkets


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