Bunge Ltd - (BG) - August 3, 2023
For the first time since joining the SIA S&P 500 Index Report back in March, grain trading and food processing company Bunge (BG) has entered the Green Favored Zone. This continues an upward trend which started in July and suggests that within yesterday’s broad market selloff there may have been some rotation into commodity and/or defensive sectors. Bunge currently sits in 111th place, up 64 spots yesterday and up 195 positions in the last month.
A major breakout is underway in Bunge (BG) shares. Since bottoming out with the overall market, the shares have been base building, trading in a range between $78.00 and $106.00 with higher lows indicating increased investor support. Renewed accumulation has become more apparent with the shares rallying up off of $90.00 and completing a bullish Ascending Triangle base with a breakout over $106.00, confirming the start of a new uptrend.
Initial upside resistance may emerge in the $122.00 to $125.00 zone where a measured move, round number and previous peak cluster, followed on trend by a measured $134.00. Initial support appears near the $106.00 breakout point, then the $100.00 round number.
Following an initial recovery bounce last October, Bunge (BG) shares stagnated for the better part of eight months, but in the last month, a new recovery trend has started in earnest. Rallying up out of a Bear Trap, Bunge has completed a bullish Spread Triple Top breakout which it has extended into a bullish High Pole.
Upside resistance may initially emerge at the April 2022 high near $123.10, followed by the $125.00 round number, and the $128.10 to $130.60 zone based on horizontal and vertical counts. Initial support appears near $103.00, based on a 3-box reversal and a retest of a recent breakout point, followed by the $100.00 round number.
With its bullish SMAX score increasing to 9, BG is exhibiting strength against the asset classes.
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