Green Peas Analysis

I have spent this past week refining my process to improve the quality of the product and efficiency in its production.

This report will be the first of several Canadian Special Crops reports delivered in the next few days.

The first price chart below is the long-term Green Field Peas - Saskatchewan Plant.

You can see that the price is approaching the 2013 all-time high of 17.46, which surprises me as most other commodities made new highs this year.

I like to analyze price charts across multiple timeframes to identify interest levels and target levels.

The chart below dates back to 2012 to understand recent prices better.

I drew and labelled the ATH of 17.46 as this could be a level of resistance where the price may slow down or top.

The chart below zooms in a little closer, and we can see more of the wiggles and the squiggles to provide a better idea of support and resistance levels.

I drew and labelled the red horizontal line where I become bearish and take partial or full profits.

It is an excellent practice to be aware of all possible support or resistance levels.

As a market technician, I use Fibonacci retracement and expansion tools to identify levels of interest where the price often slows down or reverses. I have no idea why this happens; however, I assure you that it does.

I provide the bullish and bearish levels from my Fibonacci calculations and support and resistance levels below.

To summarize I am Bullish above 15 and Bearish below.

BULLISH LEVELS OF INTEREST

(Take partial or full Profits)

1. 17

2. 20

3. 24

BEARISH LEVELS OF INTEREST

(Long entry or possible support level)

1. 13

I hope you enjoy this analysis, and I am interested in any feedback you can provide.