Don't Ignore This Chart!

Agribusiness ETF Attempts to Firm within Wedge

The Agribusiness ETF (MOO) broke channel resistance with a surge above 55, but fell back rather sharply over the last four weeks. The five week trend is down as a falling wedge takes shape. Even though the ETF firmed the last five days, it remains short of a trend reversing breakout. Look for a move above last week's high and a CCI move above the zero line to get a breakout signal. Watch MON, IPI and POT for clues.

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Arthur Hill
About the author: , CMT, is the Chief Technical Strategist at Focusing predominantly on US equities and ETFs, his systematic approach of identifying trend, finding signals within the trend, and setting key price levels has made him an esteemed market technician. Arthur has written articles for numerous financial publications including Barrons and Stocks & Commodities Magazine. In addition to his Chartered Market Technician (CMT) designation, he holds an MBA from the Cass Business School at City University in London. Learn More
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