Intrepid Potash’s symmetrical triangle resolving (NYSE:IPI)
Intrepid Potash ($IPI) was last at $16.35 on a volume of 650,630 up $.70 (+4.5%) here shortly after 2 pm EST. Agriculture stocks are second only to semiconductors which are being lifted by INTC in the today’s price action.Intrepid is resolving a symmetrical triangle pattern to the upside today, trading up to current resistance at the 200 day simple moving average, currently at $16.36. Should shares break above the 200 day moving average, $17.00 will serve as the next key technical resistance level to watch. The $17 price level was support in 2013 before the breakdown in August. Since then it’s served as resistance.
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Intrepid Potash, Inc. and its subsidiaries produce muriate of potash, langbeinite and by-products including salt, magnesium chloride and metal recovery salts. The company owns five active potash production facilities three in New Mexico and two in Utah.
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It looks like there will be a rotation into this field. Thank you, and I thank Dan, for pointing this out.
What about LNN?
Hi James,
Lindsay Corp’s LNN chart looks constructive as well, both LNN and AGU are forming a nice rounding bottom (bowl) pattern on the weekly chart. I covered AGU back in December http://articles.stockmarketmentor.com/2013/12/bullish-move-on-agrium-inc-nyseagu/ and then put on a trade idea over at OMM to participate in the price action, I like that timeframe on this sector. Of course, potash prices are a strong undercurrent here.