horting orange juice futures with target at 455 and stop loss at 505

IG

This week's trading recommendation suggests taking a short position on orange juice futures. The stop loss should be set at 505 on a daily chart closing basis, and the downside target is around 455.

The market has been consistently facing resistance at the psychological 500 mark, leading to a downward trend towards the 450 level in recent months. In previous trading outcomes, a successful long position was taken on spot gold at $2,594.00, with an upside target of $2,700.00. Traders are advised to consider raising their take profit level just below the latest intraday low to secure profits, as there may be short-term downside risks indicated by a potential bearish engulfing pattern.

Market analysts are closely monitoring these developments, particularly the behavior of orange juice futures as they test key resistance levels.

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