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.
Disclaimer: SIACharts Inc. specifically represents that it does not give investment advice or advocate the purchase or sale of any security or investment whatsoever. This information has been prepared without regard to any particular investors investment objectives, financial situation, and needs. None of the information contained in this document constitutes an offer to sell or the solicitation of an offer to buy any security or other investment or an offer to provide investment services of any kind. As such, advisors and their clients should not act on any recommendation (express or implied) or information in this report without obtaining specific advice in relation to their accounts and should not rely on information herein as the primary basis for their investment decisions. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. SIACharts Inc. nor its third party content providers make any representations or warranties or take any responsibility as to the accuracy or completeness of any recommendation or information contained herein and shall not be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. Any statements nonfactual in nature constitute only current opinions, which are subject to change without notice.