Where Is This ETF MOO-ving?
Since November 15, 2013, the Market Vectors-Agribusiness ETF (NYSEARCA:MOO) has been steadily rising with the major stock indexes. It looks as if MOO made a short term high on January 25, 2013 at $56.55 a share. The current pattern on the daily chart for MOO is not really bad, it is just a simple consolidation pattern that will most often lead to further upside. Traders should watch for an important support level for the MOO around the $53.50 level, which looks to be an important near term support level on the daily chart.
Some of the top holdings inside of the MOO include Monsanto Co (NYSE:MON), Potash Corp Sask Inc (NYSE:POT), and Mosaic Co (NYSE:MOS). All of these stocks are holding up very well at this time, however a milder pull back on the daily charts should not be ruled out in the near term.