Potash (POT) Showing Strong Technical Strength Into Friday's Close
March 12, 2010 3:45 PM
Potash Corp. of Saskatchewan (NYSE: POT) is showing continued strength into Friday's close.
As widely reported after the bell on Thursday, the company hiked its first quarter earnings to a range of $1.30 and $1.50 a share, a sharp rise from its previous outlook of 70 cents to $1 a share.
Potash Corp. said it revised its outlook to reflect "a sharp rebound in potash demand that is expected to drive a record quarter for North American sales volumes."
This demand is far more than many analysts and traders had forecast forcing short covering and new investors into the stock and sector. The stock is trading at $125.50 +$8.57 for the day or 7.33% just off the 52 week high and day high of $126.98.
Expect more follow-thru buying into the close and early next week.
