Mosaic Lower For 3rd Consecutive Day: A Technical Look
Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.
Mosaic Co (NYSE: MOS) shares were trading lower by $1.20 (2 percent) at $50.70 in Thursday's session. It is trading lower for the third consecutive session after closing at $53.53 on March 2. The technical breakdown has taken place after the issue made five out of six daily highs between $53.33 and $53.58 at the end of February.
The issue, which began the year at $45.65, has been on a steady uptrend since it bottomed during the Ebola crisis on October 15, 2014, at $40.32. Over the past year and a half it has been stuck in $40.00 to $54.00 trading range, with upper end of the range being established over the past month.
In today's session it found resistance just above Wednesday's close ($50.55), reaching $50.72 before reversing course. So far, it is attempting to find support at $50.45 level, but has not been able to distance itself from its intraday low. The current low coincides with its February 11 low at $50.38.
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