The price of orange juice is approaching the worst levels of 2019, as demand for the drink continues to dwindle in the United States and Europe.
Orange juice technical analysis shows that the value of the drink could fall to its lowest level since 2009 if the 2019 yearly low is breached.
Orange juice medium-term price trend
The price of orange juice continues to head towards the 2019 yearly low, as demand for the drink among American and European consumers continues to drop.
Dip-buyers have failed to show up from current levels, despite orange juice trading at bargain levels, well below the $1.00 level.
Orange juice technical analysis shows that the drink could fall towards the $0.8800 level over the coming days if the $0.9220 level is broken.
The daily time frame shows a large declining wedge pattern has formed, with the bottom of the pattern located around the $0.9220 level.
The size of the wedge pattern indicates that orange juice could eventually decline towards the $0.7500 technical area.
Orange Juice short-term price trend
Orange juice technical analysis over the short term shows that drink is heavily bearish while trading below the $0.9700 level.
The four-hour time frame shows that a bearish head-and-shoulders pattern has formed, with a sizeable downside projection.
The neckline of the pattern is located around the $0.9300 level and has the potential to sink the price of orange juice towards the $0.8500 level.
Traders should also be mindful that the overall trend in orange juice has been to the downside since September 2018.
Orange juice technical summary
Orange juice is approaching the 2019 trading low as the drink comes under increasing downside pressure. Watch out for a break under a large descending wedge pattern.