OJ1 Oranges have been building a higher low since spring of 2019 and completed the higher low in the Feb. 2020 crash.
With broad commodities CRB having formed a long-term cycle low in the 1Q2020 and the global economy already heating up and many commodities already breaking out of their multi-year downtrends (Uranium, industrial metals, agriculture), it has become increasingly clear that we are in the next re-flation (growth and inflation) cycle.
a higher low for oranges over a trend duration, at a time when most commodities hit all-time cycle lows, is a more structurally healthy bullish set up than most other commodities.
Gold and silver tend to be the popular way to express a bullish view on inflation, but during times when bond yields are rising with inflation, consumer and industrial commodities tend to outperform the precious metals.