Bunge Near the 50 Day

Published on Friday, 27 August 2010 18:44 Written by Christian Paolinetti

New York, August 27th (TradersHuddle.com) - Shares of Bunge Ltd. (NYSE:BG) closed the trading day at $52.84 close to its 50 day moving average currently set at $52.84. Bunge's price action is just above this important support level translating into a trading opportunity.

Bunge Limited (NYSE:BG) is an integrated global agribusiness and food company spanning the farm-to-consumer food chain. The Company processes soybeans, produces and supplies fertilizer, manufactures edible oils and shortenings, mills dry corn and wheat, manufactures isolated soybean protein, and produces other food products.

Looking at peaks and troughs horizontal support and resistance levels, we can see current calculated support at $51.82 and calculated resistance at $55.60. These levels should also be evaluated by traders when planning their trades, as they provide an insight into the latest price action.

Traders wanting to establish a position on Bunge will be looking at the price action for evidence of buying near the 50 day moving average, and opening a position as close as possible to this important level. Also traders will be looking at the latest price action, via the stocks current range previously defined for insights of other key levels that might affect their upside or downside.