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Wednesday, March 2, 2011

sugar, orange juice prices outlook march 2 2011

sugar, orange juice prices outlook march 2 2011 : May sugar closed down 19 points at 29.26 cents yesterday. Prices closed nearer the session high yesterday and saw mild profit taking from recent gains. The bulls have regained some upside momentum as a three-week-old downtrend line on the daily bar chart has been negated.

Bulls' next upside price breakout objective is to push and close prices above technical resistance at 31.00 cents. Bears' next downside price breakout objective is to push and close prices below solid technical support at last week's low of 26.90 cents. First resistance is seen at this week's high of 29.55 cents and then at 30.00 cents. First support is seen at 29.00 cents and then at yesterday's low of 28.58 cents.

May orange juice closed up 140 points at $1.7605 yesterday. Prices closed nearer the session high yesterday. Bulls have the solid overall near-term technical advantage. The next upside price breakout objective for the FCOJ bulls is pushing and closing prices above strong technical resistance at last week's contract high of $1.8200. The next downside technical breakout objective for the FCOJ bears is to produce a close below solid technical support at $1.6800. First resistance is seen at $1.7750 and then at $1.7900. First support is seen at $1.7500 and then at this week's low of $1.7330 and then at $1.7200. For the latest updates PRESS CTR + D or visit Stock Market news Today

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