Agriculture Stocks Fail To Sprout
The leading agriculture stocks have not really rallied higher with the major stock market indexes. Traders can simply look at a chart of Potash Corp Sask Inc (NYSE:POT) which is the leading agriculture stock in the market at this time. The stock appears to be very weak. POT stock is trading below the daily chart 50, and 200 moving averages which put the stock in a confirmed downtrend and in a poor technical position on the charts. The stock will have some short term intra-day support around the $41.65, and $41.45 levels. Should the stock break and close below the $39.50 area on the daily chart there will not be any meaningful support until the $35.00 level.
Some of the other leading agriculture stocks that remain weak on the daily charts include Mosaic Co (NYSE:MOS), Agrium Inc (NYSE:AGU), and CF Industries Holdings Inc (NYSE:CF). All of these stocks are trading very closely together at this time. Traders should use caution when trying to buy this sector until they can stage some type of reversal on the daily charts.