Sunday, October 4, 2009
PEP made a nice move to the upside on Friday on strong volume breaking its 50% Fibonacci Retracement and closing above on the weekly chart.
MOS has shown relative weakness to the market during the entire rally and failed to make new highs. MOS was barely able to tag its 25.0% Fibonacci Retracement and has an unfilled gap which signals great weakness. MOS is now testing major long term trend support.
MON has shown relative weakness to the market and is trading within a large triangle consolidation pattern. MON is now trading at the bottom of the triangle near support. I will be watching for a break down as MON was unable to make a new high as the market made a new high and is looking weak along with other agriculture stocks.
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