WTI stalls, Chicago wheat slides while orange juice trades in record highs

Outlook on light crude oil, Chicago wheat and orange juice as US dollar continues to slide.

Source: Bloomberg

Written by

Axel Rudolph FSTA

Senior Technical Analyst

Article publication date: 2023-11-21T09:22:28+0000

WTI grapples with resistance

WTI continues to trade around the 200-day simple moving average (SMA) at $77.97 per barrel, having risen by over 6% from last week’s low ahead of this weekend’s OPEC+ meeting at which additional output cuts are on the table. A rise above the 200-day SMA, tentative October-to-November downtrend line and Monday’s high at $77.97 to $78.45 has the mid-November high at $79.66 in its sights ahead of the early October low at $81.21. Potential slips may find support around the $74.92 early November low. While remaining above it, upside pressure is expected to dominate.

Source: ProRealTime

Chicago Wheat prices drop to one-month low

Chicago Wheat prices continue to come off their early November $617 high and now trade in one-month lows whilst slipping towards the 12 October low at $563. Further down lies the late September trough at $552. Potential resistance above the $575 late October low comes in along the breached September-to-November uptrend line, now because of inverse polarity a resistance line, and the 55-day simple moving average (SMA) at $589.90 to $589.92.

Source: ProRealTime

Orange juice futures trade in new record highs

Front month orange juice futures have risen for six straight days. They are now trading above their previous all-time high at 416.34 as shifting weather patterns and the spread of citrus greening, a bacterial disease transmitted by the Asian citrus psyllid insect, detrimentally affects top producers Florida, Brazil and Mexico. A resistance line going back to February at 428.60 represents the next technical upside target for the front month futures contract. Minor support comes in at Monday’s 409.88 low, ahead of the psychological 400.00 mark.

Source: ProRealTime

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WTI stalls, Chicago wheat slides while orange juice trades in record highs

WTI grapples with resistance

Chicago Wheat prices drop to one-month low

Orange juice futures trade in new record highs