Potash Leaps Higher
Fertilizer maker, Potash Corp of Saskatchewan (NYSE: POT) is moving higher this morning after the company raised guidance for the upcoming quarter. POT says that Q1 will come in around $1.30-1.50, which was well above their last revision in January to $0.93.
Potash was also upgraded this morning to “Buy” from “Hold” over at Mackie, with a price target raises from $111 to $140. The stock is currently trading $123.35, up 5.49% on the day.
The chart looks bullish here as it is approaching a level that was previously a top twice before. Rarely are there ever triple tops in stocks, so I am bullish here, especially if the company can back up the numbers they just announced. I would suggest getting long call spreads in the name in April. Resistance on the upside does not come into play until the $150 level.
