Fertilizer has a reputation of not smelling so pleasant. And that is not really a surprise made on what it is made of. But the price of fertilizer stock has not smelled so bad lately. In fact it looks rosy for some companies.
Rentech Ntrogen shows a bottoming and reversal pattern that is driving higher. Since touching 9 in December it made a move up to 12.15 and pulled back a bit to a higher low at 10.70. from there it moved up again to 15.05, a 138.2% extension of the first leg. It pulled back last week but found support at the 20 day SMA. And despite the down day today in the market it is holding over that SMA. The short term likes like a bull flag. And the 2 steps higher suggest a 3 Drives pattern with a 138.2% extension. This would target a $6 move on the final third leg. If it were to happen her that would mean up to 20. Rosy.
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