The January frozen concentrated orange juice (FCOJ) market is still in a price uptrend and the bulls still have the overall advantage. Prices Monday hit a multi-month high and then backed way off to close near the daily low. This created a bearish “exhaustion tail” on the daily chart, which suggests the bulls ran out of gas at higher price levels and are now very tired. Now, Monday’s high will be very tough overhead resistance for the FCOJ bulls to overcome. Stay tuned!–Jim
