From Corned Beef to Brasil Foods

• Posted by Greg Harmon
• on March 18th, 2014

Continuing the ethnic journey, it is time to leave the Irish behind. Package up the rest of the corned beef and Irish soda bread and head on over to Brazil. Brasil Foods, $BRFS, looks like it has been cast aside. Since making a double top in October it lost about 38% of its value down to under $17 before bouncing. From the chart below you can see it traced out a bullish Shark harmonic before reversing. This gives targets of 20.24 and then 22.57 on the upside before a possible total reversal to 26.33. Additionally the Measured Move higher from the first leg takes it to about 21.40, a 50% retracement. With the

Relative Strength Index (RSI) rising and the MACD moving higher as well all signs point north. Using the 20 day Simple Moving Average (SMA) as a stop, this gives a solid reward to risk ratio. Ok, now who is with me to Churrascarpia Plataforma? (Long at 18.91 as of 3:20pm)

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