Support in May looks to be around 135. Closed 137.95 today. imo we have bottomed out here and I look for OJ to trade higher to around 160 very soon. USDA crop report out next Friday I believe.
Nice bear flag on the weekly chart which seems to have completed to the downside. I'm looking for a print below 130 to get short. I can see this running to 85 -90 area.
This trade is working out nicely. I still see a run down to 90 - 80 area as highly likely. OJ was looking surprisingly weak while the majority of the other commodities were looking strong and that's why I took the trade. With any luck there will be at least one or two low risk opportunity entries presented in the coming weeks.
