Agriculture Stocks Send Mixed Signals
This morning, the leading agriculture stocks are all trading higher to start the day. The Market Vectors Agribusiness ETF (NYSEARCA:MOO) is trading higher by 0.46 cents to $53.34 a share. The MOO is trading above all of the major daily chart moving averages which puts the stock in a strong technical position. Traders must recognize that the MOO is now getting a little extended and overbought. This tells us that a pullback or consolidation could be in the cards soon for the agriculture ETF. Short term traders can watch for intra-day resistance around the $53.50, and $54.00 levels.
Other leading agriculture stocks that are trading higher today include Potash Corp Sask Inc (NYSE:POT), Agrium Inc (NYSE:AGU), and CF Industries Inc (NYSE:CF). All of these stocks remain very strong on the daily charts. These stocks are now getting short term overbought and may need to pullback or consolidate soon.