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Street Shrugs Off Monsanto's Q2 Miss: A Technical Look

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Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.

Monsanto Company (NYSE: MON) shares were trading higher by $3.90 (3.4 percent) at $116.44 in Wednesday's session. The rally is taking place despite reporting a Q2 miss for EPS and sales.

Perhaps what the Street is paying attention to are comments from the conference, where the company stated it is aiming for at least a doubling of ongoing estimates by FY 2019.

The issue, which has come off its recent high of $126 that was made on February 25, had declined to $111.16 on March 25. Following that a trio of lows was made on last Friday ($112.04), Monday ($112.22) and Tuesday ($112.24) which provided the foundation for Wednesday's rally.

After a over a $2.00 higher opening (Tuesday's close $112.54 vs. Wednesday's open $114.66), the issue retreated to $113.62 before resuming its rally. So far, it has reached $116.45 and is trading just off its highs for the day. If the rally continues the next identifiable resistance may be at its March 20 high ($117.14).

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