Upside Seen for Agribusiness ETF - Mid-Day Minute for Tue December 16th 2008

Dec 16

Upside Seen for Agribusiness ETF

by Mike Paulenoff, Tue December 16th, 2008

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Upside Seen for Agribusiness ETF
By Mike Paulenoff, www.MPTrader.com

The Market Vectors Agribusiness ETF (AMEX: MOO) has spent the past 2 1/2 months or so carving out a base-like formation in the aftermath of a multi-month decline from 66.20 to 20.08 (-70%). The base-like pattern should resolve itself to the upside and will represent the central portion of an intermediate-term recovery rally period that should propel the MOO to 30.00-31.00. Only a break below 25.70 will begin to compromise the developing constructive pattern.

Chart

Mike Paulenoff is author of www.MPTrader.com, a real-time diary of his technical analysis & trade alerts on ETFs for precious metals, energy, currencies, and an array of equity indices and sectors, including international markets, plus key ETF component stocks in sectors like technology, mining, and banking. Sign up for a Free 15-day Trial!

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