Consolidation on orange juice

The price of the orange juice contract for November has gotten into a consolidation as shown on the weekly chart, around the 154.73 level where we can also find the 200 week EMA and the 55 week EMA. On the consolidation a pennant or triangle has been formed and due to the fact that the MACD indicator is still showing a bullish trend, it is possible to see the price breaking to the upside. In order for a bullish breakout to be confirmed, the price must overcome the 164.55 level. If there is a real breakout of the 164.55 level, then the price of orange juice would have the road clear all the way to the 189.00 zone, level which already acted as resistance in the past. To the downside, the most important support levels are at the 140.00 level or the low at the 125.00 level.