Brent crude oil, silver prices stabilise while orange juice futures hit new record high
Outlook on Brent crude oil, silver and orange juice futures as US production drops to its lowest level in a century.
Brent crude oil tries to stabilise near support
The Brent crude oil price has dropped by over 4% this week as economic concerns in China and the possibility of further interest rate hikes in the US weighed on the demand outlook in the world’s two biggest oil consumers.
On Thursday Brent crude oil tries to stabilise above its early August low at $82.31. Were this support level to be slipped through, the mid-July high and 200-day simple moving average (SMA) at $81.56 to $81.17 would be eyed. The breached June-to-August uptrend line, now because of inverse polarity a resistance line, at $85.92 represents the first significant resistance level.
Silver found support above its $22.12 June low
Silver’s decline from its $25.26 per troy ounce two-month high has taken it to a seven week low at $22.23, to marginally above the $22.12 June low, this week. On Thursday an attempt of a bounce is being witnessed but for this to gain traction a rise and daily chart close above Wednesday’s high at $22.78 would need to occur.
Only then could the May low at $22.68 and the 200-day simple moving average (SMA) at $23.29 be reached. While the latter caps, overall downside pressure should retain the upper hand. Failure at the June and current August lows at $22.23 to $22.12 would most likely result in a drop towards the psychological $20.00 region unfolding.
Orange juice futures prices trade at new all-time highs
Front month orange juice futures shot up to new all-time highs as several hurricanes and the spread of an incurable disease have devastated the citrus crops in the US.
With overall orange juice production in the US hitting its lowest levels in the past century, front month orange juice futures have risen by over 10% this week and in doing so overcome their previous July record high at $3.1075. The $3.30 region is now within reach, a rise above which would probably engage the $3.50 mark. Potential slips should find support around the $3.1075 July high.
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