PPR - MON Chart and Correction
After getting hit with some news this morning that their corn seeds are losing their resistance to a certain pest, MON is fighting back to the unchanged line. If the stock can clear its 50-day moving average at 70.77, this would be a pocket pivot buy point given that current volume levels are more than sufficient to be higher than any other down-volume day in the pattern over the prior 10 days. Should the pocket pivot buy point be triggered, a quick stop could be put in place at the low of the day at 67.36, just about 5%. Keep in mind this remains a choppy market, and it is not clear whether the current rally is merely a bear market bounce or whether it will pan out into something more significant on the upside.
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