After hitting fresh highs, FCOJ futures take a break
Most-active Nov-23 FCOJ traded sideways midweek above retracement support near 306.00 cents, settling Aug. 24 at 308.05. RSI is neutral; the stochastic showed a nominal bearish crossover; MACD is neutral and looks set to follow the stochastic’s crossover.
After multiple tests of the upper Bollinger Band, nearby Sep-23 OJ traded sideways in recent sessions near support from about 317.00 to 313.00 cents and holding above the 20-day moving average. The contract settled Aug. 24 at a seven-session low of 315.55. RSI is neutral, and the stochastic saw a nominal bearish crossover, followed midweek by MACD.
The Jan-24 contract settled at 296.75.
As of the week of Jul. 29, Florida FCOJ stocks were reported at 97.23 million ps, down 44 percent YOY. Compared to last year, inventory levels have been losing ground steadily since mid-April, a little earlier than the trend as Florida stocks typically peak in May or June—stocks rebuilding typically begin the next February in recent years.
The full version of this commentary appeared on our IQ platform Aug. 24, 2023. Further information, statistics, and pricing for the FCOJ market are available to IQ subscribers.Learn more about becoming a subscriber.
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