- The market has registered higher highs and lows for 6-months ; the mid-term trend is then bullish
- Since the last market top, prices have registered another pull-back to $4.0774.
During this consolidation, the market has registered a rounding bottom pattern, highlighting the fact buyers remain powerful enough to switch market sentiment and lead prices to new highs.
Both moving averages are reversing the upside, acting as a dynamic short-term support to the market, while the DMI indicator also shows an increasing bullish pressure.
The Stochastic indicator is at the doors of its overbought zone, where bullish acceleration are likely to take place.
- The situation is frankly bullish for the Orange Juice. The continuation rounding bottom which takes place right above the last market overlap (defined by the market top registered in February) tend to support the scenario of a bullish trend resurgence.
The next targets can be found around $4.61, $4.78, $4.96 and above $5.00 by extension.
Pierre Veyret, Technical Analyst at ActivTrades
The information provided does not constitute investment research. The material has no been prepared in accordance with the legal requirements designed to promote the independence of investment research and such is to be considered to be a marketing communication.
All information has been prepared by ActivTrades ("AT"). The information does not contain a record of AT's prices, or an offer of or solicitation for a transaction in any financial instrument. No representation or warranty is given as to the accuracy or completeness of this information.
Any material provided does not have regard to the specific investment objective and financial situation of any person who may receive it. Past performance is not reliable indicator of future performance. AT provides an execution-only service. Consequently, any person acing on the information provided does so at their own risk.