Be alerted when Mike posts an article
Once again let’s continue to notice that the decline in the Market Vectors Agribusiness ETF (NYSE: MOO) is occurring within the confines of a very high-level consolidation area between 34.40/50 and 32.60/70. As long as 32.60/70 contains any forthcoming weakness, the overall bullish pattern remains intact and points to another thrust to the upside into new high ground that projects to 35.50-36.00. With the agriculture and fertilizer sectors acting well, and with crude oil pulling back to $56.00 support from $60.00 prior to another run on the upside, I am not “afraid” of holding the MOO model portfolio position for a while – and possibly adding to it.
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!
