Fertilizer producer Mosaic Company (MOS) recently returned to the Green Favored Zone in the SIA S&P 500 Index Report for the first time since June from a summer dip into the yellow zone. The shares continues to rocket up the relative strength rankings and finished yesterday in 15th place up 3 spots on the day and up 175 places in the last month.
Over the course of the spring and summer, Mosaic trends downshifted from an upward trend into a sideways consolidation range between $28.25 and $38.25. Following two successful tests of support at the bottom of this range, the shares have been on an upswing lately, breaking through $34.25, which has become new support, and rallying up above $35.00.
A breakout over $38.25 to a new 52-week high would signal the current pause has ended and accumulation has resumed. Should that occur, next potential upside resistance may appear near the $40.00 round number, then $46.25 and $48.25 based on measured moves.
Mosaic Company (MOS) shares have regained their footing following a summer correction, completing a bullish Double Top pattern which called off a previous double bottom. It would take a breakout over resistance at the June peak near $37.60, however, to break out of the current sideways range, complete a pending bullish spread triple top pattern, and confirm that the sharesā long-term uptrend as resumed.
On a breakout, vertical and horizontal counts suggest next potential resistance may appear near $42.35, 44.05 or $45.80 on trend. Initial support appears near $33.35 based on a common 3-box reversal.
With its bullish SMAX score increasing to a perfect 10, MOS is exhibiting strength across the asset classes.
Disclaimer: SIACharts Inc. specifically represents that it does not give investment advice or advocate the purchase or sale of any security or investment whatsoever. This information has been prepared without regard to any particular investors investment objectives, financial situation, and needs. None of the information contained in this document constitutes an offer to sell or the solicitation of an offer to buy any security or other investment or an offer to provide investment services of any kind. As such, advisors and their clients should not act on any recommendation (express or implied) or information in this report without obtaining specific advice in relation to their accounts and should not rely on information herein as the primary basis for their investment decisions. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. SIACharts Inc. nor its third party content providers make any representations or warranties or take any responsibility as to the accuracy or completeness of any recommendation or information contained herein and shall not be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. Any statements nonfactual in nature constitute only current opinions, which are subject to change without notice.
