Another trading idea as I am always looking for great set-ups within the Agriculture sector. I still think this could be one of the strongest sectors in the years to come. In any case, my beliefs don’t matter. I stick to the charts. They need to confirm my beliefs.
AVD – American Vanguard is a good example. It is trading near its all time high and is worth putting on a position from a purely technical perspective. The recent shakeout below the moving average 200 should ultimately turn out to be a picture perfect false move. The stock is now powering higher and on its way to take out the second pivot point around 35. I believe AVD has the potential to behave exactly the same way ONXX – Onyx Pharmaceuticals recently did. My annotated charts exemplify what I am talking about. I have a position in AVD.
AVD - American Vanguard
Up-to-date Agriculture Sector Overview Chart on my public list.
Up-to-date Agriculture II. Sector Overview Chart on my public list.
ONXX - Onyx Pharmaceuticals
Do not trust your opinions… But let the action of the market confirm your opinions. – Jesse Livermore
Charts: http://stockcharts.com/public/1109839/tenpp