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Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.

WTI, Chicago wheat, orange juice futures stuck below resistance

Outlook on light crude oil, Chicago wheat and orange juice amid Thanksgiving holiday.

Source: Bloomberg

​​​WTI remains under pressure ​

​WTI continues to trade below the October-to-November downtrend line and the 200-day simple moving average (SMA) at $77.40 to $77.95 per barrel as this weekend’s scheduled OPEC+ meeting has been postponed to the 30 November and as EIA data showed that US crude oil inventories jumped. ​The $74.92 early November low may act as support ahead of Wednesday’s $73.83 low in case of further downside pressure being seen, albeit trading volumes are likely to be thin during the Thanksgiving holiday period. ​Only a rise above the 200-day SMA and Monday’s high at $77.95 to $78.45 would engage the mid-November high at $79.66 ahead of the early October low at $81.21.

Source: ProRealTime

​Chicago Wheat capped by technical resistance

​Chicago wheat front month futures contracts bounced off Monday’s 566 low after a Russian attack on a Ukrainian port rekindled concerns over Black Sea trade. ​The breached September-to-November uptrend line on Thursday acted as a resistance line at 590. While it caps, the wheat price may slip back towards this week’s 566 low below which sits the late September trough at 552. ​Were a rise above the 590 resistance to unfold, the 600 region may be back in play.

Source: ProRealTime

​Orange juice futures come off new record high ​

Front month orange juice futures on Wednesday made a new all-time high at 419.22 amid inclement weather and supply concerns by top producers Florida, Brazil and Mexico before dipping on profit-taking to 401.60. While this level holds, a new record high may still be seen with the 2023 resistance line at 430.60 representing a possible upside target. ​A slip through 401.60 could provoke a deeper correction, though, and may lead to the 23 October high at 389.67 being revisited.

Source: ProRealTime

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