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Upside Seen for Agribusiness ETF

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.

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