Daily Stock Report

Mosaic Company (MOS) - August 25, 2022

Fertilizer stocks continue to attract renewed attention from investors this week. Two days ago, in the August 23rd issue of the Daily Stock Report, we mentioned Nutrien (NTR.TO) which has subsequently climbed up to top spot in the SIA S&P/TSX 60 Index Report. 

US fertilizer companies have also been rocketing up in their rankings. CF Industries (CF) has climbed 204 positions in the last month to 9th place in the SIA S&P 500 Index Report. Mosaic Company (MOS) is up 270 spots in the last month, finishing in 22nd place yesterday and is back up in the Green Favored Zone following a dip down into the red zone earlier this summer.  

Since bottoming out last month, Mosaic Company (MOS) shares have been under steady accumulation, recovering lost ground in a Rising Channel of higher highs and higher lows. Along the way, MOS has snapped out of a downtrend, regained its 50-day moving average and retaken the $50.00 level. Yesterday, accumulation accelerated with the shares taking a run at $60.00 on a jump in volume. 

Next potential resistance appears at previous peaks in the $68.00 to $72.00 zone with initial support rising toward $55.00 from $52.00. 

Over the last month, Mosaic Company (MOS) shares have been in recovery mode. Starting with a bullish Bear Trap reversal in July, Mosaic completed a bullish Double Top breakout, which has extended into a bullish High Pole, and more recently, has snapped a downtrend line. 

Initial upside resistance appears near $62.50 where a previous column high and a horizontal count converge, followed by $66.30 and $71.75 also based on previous points of resistance. Initial support appears near $55.45 where a previous low and a 3-box reversal align. 

With a bullish SMAX score of 8, MOS is exhibiting strength against the asset classes. 

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