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Food producers sector
A good place to start is with the sector as a whole. The IG platform allows you to trade the Food producers’ index, which includes Associated British Foods, Cranswick, Dairy Crest, Greencore and Tate & Lyle. Price action has clearly been consolidating recently, following a strong performance over the 2009-13 period. The price is currently at the top of the descending channel which has dominated 2015 so far. As such, it is likely that we will see a continuation of this pattern, thus pointing towards a period of weakness in the coming weeks. However, with price currently so close to the channel top, there is a clear possibility of a break higher. Should we see the price close above 8133, this could mark the beginning of a bullish period and would likely lead to a move to 8306 and 8448 in time.
Considering the clear respect of the 50% Fibonacci retracement in April, there is a possibility that we may have seen the completion of this correction and that would mean any downside would likely provide a low that is higher than 7513. However, either way, the current position of the price means that price action over the coming days will likely determine trading for weeks to come.