Where's the Rice.
Rice is an integral part of life in many countries, particularly the ASEAN region. It also plays a key role in the economies in the some of world's most populated regions. Countries like Malaysia have seen annual growth in exports of 6.3% annually over the last decade. Rice exporting leaders in the region, Thailand and Vietnam, have also maintained small growth in exports. Statistics show that the consumption of rice within the ASEAN region is also increasing. According to Ricepedia, 640 million tons of rice is grown in Asia, 90% of the global supply.
In 2010/2011 China imported 540,000 metric tons and exported 500,000 metric tons of rice. Ten years later imports swelled to 800,000 metric tons while exports doubled to 100,800 metric tons of rice.
I think getting invested in rice after its next big dip, whenever that is, may be a good idea.
Being interested in the business of food I wanted to have a look at how Rice's price action has looked in years past. I did a little bit of wave analysis here. Let me know where you think we are.
I drew the weekly Fib range retracement and found that a good trade on the larger time frame has taken place with the optimal entry fibs hit and target met.
To get a better understanding of how price moved in the past I noted key Market Structure Breaks on this chart here. They help me find potential OBs and FVGs and potential areas of confluence.
Here is the same wave count but shown on the weekly time frame.
Overall I'm interested in the food sector as an area of investment. Rice was one of the first things that came to mind. Looking forward to doing more research on this.
Let me know what you think!
In 2010/2011 China imported 540,000 metric tons and exported 500,000 metric tons of rice. Ten years later imports swelled to 800,000 metric tons while exports doubled to 100,800 metric tons of rice.
I think getting invested in rice after its next big dip, whenever that is, may be a good idea.
Being interested in the business of food I wanted to have a look at how Rice's price action has looked in years past. I did a little bit of wave analysis here. Let me know where you think we are.
I drew the weekly Fib range retracement and found that a good trade on the larger time frame has taken place with the optimal entry fibs hit and target met.
To get a better understanding of how price moved in the past I noted key Market Structure Breaks on this chart here. They help me find potential OBs and FVGs and potential areas of confluence.
Here is the same wave count but shown on the weekly time frame.
Overall I'm interested in the food sector as an area of investment. Rice was one of the first things that came to mind. Looking forward to doing more research on this.
Let me know what you think!
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.