Fertilizer producer The Mosaic Company (MOS) popped 13.5% yesterday after reporting earnings. On this rally, the shares jumped 149 spots in one day within the SIA S&P 500 Index Report, moving from the red zone toward the top of the Yellow Neutral Zone finishing the day four spots outside of the green zone where it hasn’t been since November of 2018.
A breakaway gap to the upside for Mosaic (MOS) yesterday has confirmed the completion of an Ascending Triangle base and the start of a new uptrend. With the $14.00 breakout point becoming new support, the shares have rallied to test their 200-day average near $15.75. Next potential resistance appears in the $18.00 to $22.00 area, a previous trading range where multiple measured moves, previous support/resistance and the $20.00 round number cluster.
In recent days, Mosaic (MOS) shares have come under renewed accumulation, shrugging off a June-July correction by starting off August with a bang, completing two bullish Spread Double Top patterns and climbing to their highest level since March, all signaling the start of a new upleg within a larger recovery trend.
Potential upside resistance tests appear near $17.90 and $21.40 based on horizontal counts and previous support/resistance points. Resistance may also appear near $19.00, where a downtrend line converges with a vertical count, and the $20.00 round number. Initial support appears near $14.10 based on a 3-box reversal.
With its bullish SMAX score increasing to 9, MOS is exhibiting near-term strength against the asset classes.
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