After a slow start last year, Bunge (BG) kicked it into high gear in the last six months, catching up with the S&P's performance by year-end. But if you missed the upside in this $12 billion agribusiness, never fear. The technicals indicate that Bunge has greener pastures ahead.
That's because Bunge is currently forming an ascending triangle pattern, a bullish setup formed by horizontal resistance to the upside at $83 and uptrending support below shares. Basically, as Bunge bounces in between those two technical levels, it's getting squeezed closer and closer to a breakout above resistance. When that breakout above $83 happens, we've got our buy signal.