Daily Stock Report

Nutrien Ltd. - (NTR.TO) - August 18, 2021 

We last looked at Nutrien Ltd. (NTR.TO) in the Jan 13, 2021 edition of the Daily Stock Report when the shares snapped a long term downtrend line dating back to the 2008 peak. Since January the shares have continued to remain firm and currently re-entered the Green Favored Zone of the SIA/TSX 60 Index Report at the #15 spot after spending brief periods of time in the Neutral Zone while still holding its positive SMAX score throughout. With Tuesday’s closing price of $76.65 this represents a 10.8% increase since we last commented on it in January.

Nutrien Ltd. is the world’s largest fertilizer producer by capacity and was created in 2018 as a result of a merger between PotashCorp and Agrium. In looking at the Candlestick chart, we see that the shares peaked at the $80.00 area and have pulled back somewhat. Firm Support can now be found at the $72.00 round number and, below that, the $65.00 level. It will be interesting to see going forward if the shares can hold these support levels or if the shares can reverse back to the upside and regain the $80.00  area which will now acts as resistance.

In the attached Point and Figure Chart at a 2% Scale, we see the shares are now exhibiting a positive Triple Top bullish pattern after a brief sideways consolidation between $71.00 and $77.00 in June to August of this year. To the upside, resistance is at the $85.13 based on a measured move and, above that, the $92.15 level. Support can be found at the $71.24 to $72.66 area and, below that, the $67.13 level.  With a SMAX of 10 out of 10, Nutrien Ltd. is still exhibiting near term strength against all the asset classes.

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