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Zacks highlights commentary from People and Picks Member «inthemoneystocks».
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Agriculture Stocks Still Stuck in the Mud
This morning, all of the major stock market indexes are trading sharply higher. For the most part, the rally is broad based as most important stock sectors are climbing. The one sector that is struggling and continuing to show weak relative strength is the agriculture sector. Many of the leading stocks in this sector are actually trading lower as the major stock indexes climb.
Potash Corp ([url=http://www.zacks.com/stock/quote/pot]POT[/url]) is considered the leading agriculture stock in the market. POT stock is trading lower by 0.74 cents to $40.18 a share. The stock has some short term intra-day support around the $39.65 area which is a double bottom support area on the daily chart. Should this level fail to hold up the stock is vulnerable to further declines. The daily chart should have very good support around the $36.00 level on the daily chart.
Other leading agriculture stocks that are not participating in today's early morning stock rally are Mosaic Co ([url=http://www.zacks.com/stock/quote/mos]MOS[/url]), Agrium Inc ([url=http://www.zacks.com/stock/quote/agu]AGU[/url]) and CF Industries Holdings Inc ([url=http://www.zacks.com/stock/quote/cf]CF[/url]). All of these agricultural leading stocks still remain weak on the daily charts. These stocks are all trading below the important daily chart 50, and 200 moving averages which put these stocks in a weak technical position. Traders should wait for a better daily chart pattern before committing to these names.
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