Bunge Ltd. (BG) has strengthened considerably within the SIA S&P 500 Index Report, rising 228 positions over the past month and 75 positions over the past quarter. The shares are now ranked 115th out of 504 securities in the Favoured Green Zone, supported by an SIA SMAX score of 9 out of 10.
BG recently broke below its 3-box reversal support at $114.39. Next support may be found at $109.95, followed by $103.60 and then at trend support near $95.71. On the upside, the first resistance level is $123.82, followed by the recent high at $131.39. The latest Point and Figure signal is a Double Top.
The shares have only gained 0.66% over the past quarter but is up 28.72% year to date and 45.90% over the past year. This compares with S&P 500 Index returns of 2.68%, 13.09% and 15.13%, respectively highlighting the considerable outperformance over the longer timeframes.
The primary concern is sector strength. Food and Beverage remains in the Unfavoured Red Zone and ranks 28th out of 31 sectors. While BG’s individual ranking and long-term performance remain encouraging, this weak sector backdrop could create resistance to further gains.
Bunge is a global agribusiness and food company with operations spanning agricultural commodities, refined and specialty oils, milling, and sugar and bioenergy. Its global footprint extends across North and South America, Europe and the Asia-Pacific region.
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