The entire agricultural space has consolidated fairly well over the past week or two, working off stretched conditions generally by pulling back to a respective rising 20-day moving average, such as MON MOS. AGU and CF have also been basing “high and tight.” Now, however, comes the real test as we wait for buyers to step in to support another leg higher.
In addition to those names, consider the following ides on strength in machinery and equipment segment of the ag industry. Note they have also consolidated recent stretched conditions well.
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Nice job.
Thanks for reading, eagle