Oil price stabilizes amid heightened Middle east tensions while cotton and orange juice prices surge ahead
Outlook on Brent crude oil, cotton and orange juice futures amid a strongly rising US dollar.
Brent crude oil price tries to bounce off near three-week low
The price of Brent crude oil has dropped from its late January 83.93 high on the front month futures contract to Monday’s 76.59 near three-week low before regaining some lost ground amid heightened Middle East tensions with the 55-day simple moving average (SMA) at 78.69 being eyed. Further minor resistance sits at Friday’s 79.40 high and then the mid-January 80.53 high. In case of a continuation of the recent slide being seen, a fall through 76.59 and the 76.28 mid-January low would engage the 74.81 early January trough.
Cotton price rises to near four-month high
Front month cotton futures have been steadily rising since the beginning of the year and have seen five straight days of gains take these to a new four-month high at 88.22. Above it lurks the 90.13 September peak which represents the next upside target. Good support is now seen between the 86.68 to 86.64 late October and January highs and also along the accelerated 2024 uptrend line at 86.36. This medium-term bullish trend will remain in play while last week’s low at 84.66 underpins.
Orange juice futures rally to two-month high
Front month orange juice futures’ swift rally with six consecutive days of gains on adverse weather reports affecting crops have taken these to Friday’s 379.07 two-month high. If overcome, the psychological 400.00 mark will be back in focus. Minor support below Friday’s 360.87 low can be seen along the 55-day simple moving average (SMA) at 349.24.
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