Potash (POT) is a stock I like to follow, mainly because it received so much attention as it rallied non-stop (almost) from 2006 at $30 per share to the mid-October 2008 peak of $240. The stock is well-beneath these lows now, but it looked like the stock was coming back to life.
The recent downswing last Thursday and Friday brought that into question. Let’s take a look at Potash’s weekly and daily chart and note key levels to watch going forward.
Potash (POT) was a major “go-go” stock of 2007 and part of 2008 as it helped investors ride up the commodity market ‘boom,’ but the crash was severe in the latter part of 2008, erasing almost all of the prior gains.
We’ve rallied sharply in 2009, but as you’ll see from the chart, the recent 70% rally from the late 2008 lows into the June 2009 highs was only able to reach the 38.2% Fibonacci retracement price of the entire down-move, which provided major resistance there. Let’s take a look at both of these examples.
Potash (POT) fell 11% on June 17th, slicing through daily support and inflecting down off the 38.2% weekly Fibonacci retracement. Let’s see all this up-close and learn a few lessons from this price movement.
Potash (POT) recently completed a Price Projection Target move out of an ideal symmetrical triangle pattern that I wanted to show you as an example. Let’s see it on the daily chart.
Potash Corp (POT) is in the midst of a downside price plunge, which was in part forecast by the breaking of moving average support and a subsequent target of a downside test of the 200 day moving average. At current, Potash has tested and failed to hold the critical support line. What does this mean?…
High-flying stock Potash (POT) appears to be in a larger-scale distribution pattern on the daily chart and just potentially broke a descending triangle today. Let’s look at this chart for potential price targets should these patterns be valid. Potash Daily: Based on quick analysis, we have lengthy and persistent negative momentum divergences since April, and…
Agriculture darling stocks Potash (POT) and Monsanto (MON) surged to record highs today, on the shoulders of yet another surge in agriculture prices. Let’s look at these high-flyers. While not making a new momentum high, Potash (POT) indeed made a new price high shy of $240 a share, blasting past its prior swing high of…
Let’s look at three recent powerhouses that have been strongly pushing their way higher on less and less volume, which serves as a non-confirmation of higher prices. First, Potash (POT): This darling fertilizer stock which has been so strong through 2007 to present is now forming a potential blow-off top. Volume surged as price also…
Potash (POT) is a stock I have been following for over a year now, and it has continued to be an impressive stock that has treated its investors phenomenally. What happened last week and why was it important? Potash beat earnings expectations by $0.22 last week, and increased its outlook for the future. “The world’s…