Agriculture Stocks Are Oversold, Here Is What You need To Know
Most of the leading agriculture stocks have been very weak over the past few weeks. This important sector will often trade very similar to the leading commodity stocks. Most of the leading agriculture stocks are now very oversold on the daily charts, however, as long as the major stock indexes are weak these stocks could decline further. CF Industries Holdings Inc (NYSE:CF) is considered to be one of the most important agriculture stocks in the market. This stock should have some short term intra-day support around the $156.90, and $155.00 levels.
Some of the leading agricultural stocks that are trading lower today include Monsanto Co. (NYSE:MON), Potash Corp Sask Inc (NYSE:POT), and Agrium Inc (NYSE:AGU). All traders should note that these stocks are very oversold. Should the U.S. Dollar Index sell off or pullback these stocks could catch an intra-day bid off of the lows.