Our ALGO engine triggered a buy signal in Bega Cheese at yesterday’s close at $6.80.
This signal is based on the “higher low” chart formation relative to the $6.55 low on October 5th.
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BGA, who bought Vegemite a year ago, has continued its expansion plans buy acquiring the Peanut Company of Australia in December.
According to BGA management, the company’s strong balance sheet will allow it to look for other potential opportunities in the dairy and food sectors this year.
Shares of BGA gained more than 60% in 2016/17.
As many consumers steer away from diets with high sugars and carbohydrates, we believe BGA is a reasonable investment at current levels.
Initial technical price resistance will be found in the $7.50 area.
Bega Cheese
