Mosaic Is Close to Resistance
Published on Wednesday, 26 December 2012 08:28 Written by TradersHuddle Wire
New York, December 26th (TradersHuddle.com) - Shares of Mosaic Company (NYSE:MOS) are trading very close to calculated resistance at $57.11. The stock ended the trading session at just $55.61, which is near levels that make it difficult to buy or start a position.
The Mosaic Company (NYSE:MOS) produces and distributes crop nutrients to the agricultural communities located in North America and other countries. The Company's principal products include concentrated phosphates, and potash.
Mosaic stock range is defined by its calculated support defined at $48.29 and by the resistance level at $57.11; the stock is clearly over-extended from support, making it harder for participants to establish fresh longs.
Traders don't have a clear entry point for Mosaic. However, as the stock pulls back towards $48.29 it will definitely provide a reference point to establish a trade. On the other hand, if the stock breaks above its resistance level at $57.11 then traders will get an opportunity to enter the stock as it moves to a higher range.