Kabuli 9mm Chickpeas Update

“What is happening with Kabuli chickpeas?

It has been several years since I have attended the Crop Production Show in Saskatoon.

New products, larger machinery and several familiar faces make for an exciting day.

A grain broker buddy of mine posed the chickpea question.

Time for an update.

The reader can review my previous December 9th analysis by clicking this link, Kabuli Chickpeas 9mm.

I track my Kabuli chickpea analysis on my website,

The chart below is the weekly Kabuli Chickpea 9mm chart

You may remember from my previous analysis that the red lines are Fibonacci levels of interest where I anticipate possible support or have identified as targets.

As you can see, the price is below a declining red 10-week moving average.

The price is also testing the rising blue 20-week MA, which is at the recent low of 55.

While the short-term trend is in a downtrend, the intermediate and long-term uptrend is still intact.

The trend becomes weaker as the price drops below each moving average which then slopes downwards.

A daily or weekly close under 53 remains a sell signal for me and a logical place for a producer to exit full or partial positions.

One could also be more aggressive with a partial sale with a new low under 55.

The purpose of this newsletter is to provide advance notice of trend changes and support and resistance levels, allowing the reader to anticipate future price action.

Think Wayne Gretzky, skating to where the puck is going.

That is our mission.