I’m Looking To Add This Food Stock To My Shopping Cart

As you all know, most of the leading food stocks have been under heavy selling pressure as of late. Recently, I have been posting a lot of charts of food and beverage stocks that have been declining into very attractive levels for a long side trade. Now I’m looking at another leading food stock that is nearing a major chart support level. This time I will be waiting for B&G Foods, Inc.(NYSE:BGS) to trade down to the $31.75 level. It should be noted that this chart area was supported in September 2015. In fact, this level was also where a reversal and break-out occurred on the monthly chart. Very often, when major break-out levels are retested it will usually be a major chart support. In my humble opinion, this is where I would expect a major bounce in the shares of BGS stock.

 

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