Since then, the theme continues to work. Our positions across the space have been acting well, and earlier today we added a fresh agribusiness long to Breakout Multiplier.
But another setup has emerged that deserves attention.
Bunge Global $BG, one of the key bellwethers in global agribusiness.
Bunge sits at the center of the global food supply chain, with exposure spanning grain origination, processing, logistics, and even biofuels. Not surprisingly, the stock tends to trade closely with the broader energy and inflation trade.
Right now, it's working on completing a massive base that dates back to the Global Financial Crisis.
Here’s what the chart looks like.
Price is pressing against the highest monthly close in its history, right around 119.50 before its GFC collapse. We want to be buyers above that level. As long as price can hold above this former ceiling, the path of least resistance remains higher.
A decisive push through 125 would serve as confirmation that the breakout is real.
