Agriculture Stocks Are Stuck In The Mud
This morning, most of the leading agriculture stocks are coming under early selling pressure. This industry group is trading into heavy resistance on the daily charts. The Market Vectors Agribusiness ETF (NYSEARCA:MOO) is a good way to track the agriculture sector. Today, the MOO is trading lower by 0.39 cents to $48.66 a share. This important ETF has a lot of daily chart resistance around the $50.00 level. Short term traders should watch for intra-day support around the $48.50, and $48.00 levels.
Some of the leading agriculture stocks that are declining this morning include Potash Corp Sask Inc (NYSE:POT), Mosaic Co (NYSE:MOS), and Agrium Inc (NYSE:AGU). All of these stocks look very similar on the daily charts. They are all struggling to trade above the important daily chart 50 moving average. Should they trade above that key moving average on the daily chart they will all face more chart resistance a bit higher. These stocks seem to be stuck in mud at this time.