possible bottoming

4 ก.พ.

As world economies struggle to normalize after bouts with Covid, high interest rates, world wars, global famine, etc. The need for agriculture will always be necessary component of everyday life no matter the location. With major exposure to many countries outside its origin, we can expect for price to stabilize as time passes. With production of good and supplies have been hit in the recent years, they are bound to recover. This may be a little early heading into earnings but a positive one can build a foundation in the future.

from a technical perspective the price had significant buying support at roughly 49USD, the accumulation from buyers have built the momentum up to the upside based on the macd to the right chart, current price action is below the 30 day moving average and above the 9 day moving average which in turn provide upside in the near term. As the possibility of current fundamentals align with the technicality of the charts, there may be a breakout incoming or price stays flat for more time.