Orange juice is rebounding following a retreat after hitting a 7-month low eight weeks ago. Demand for orange juice remains strong as COVID-19 cases continue growing worldwide with consumers viewing its nutrients and high vitamin C content as a means to boost human immune system. At the same time the forecast for the 2019/20 season of global orange production (fresh market sales as well as processing) is down from 2018/19 production of 53.2 million tons to about 47.5 million tons. European major production of orange juice stands 5.8 million tons. And global orange juice production is down from 1.7 million to about 1.6 million tons, according to IHS Markit, declining for third consecutive season. Lower supply estimates are bullish for orange price.
| Indicator | VALUE | Signal |
|---|
| RSI | | Neutral |
| MACD | | Neutral |
| Donchian Channel | | Buy |
| MA(200) | | Buy |
| Fractals | | Buy |
| Parabolic SAR | | Buy |
Summary of technical analysis
| Order | Buy |
| Buy stop | Above 128.52 |
| Stop loss | Below 116.23 |