Thursday, January 17, 2008

POT, AGU served

Although the S&P/TSX Composite Index has dropped below another price level support and is a currently in a Stock Trends Bearish category, today's big hit on blue chip momentum leaders Potash Corp (TSX:POT) and Agrium (TSX:AGU) may prove to be another great opportunity for traders to pick up these Bullish stocks.

POT has dropped 10% and is now trading ($124) above a support level it touched in earlier trading. AGU similarly sits above its support level represented by its 13-week MA ($60). The global agriculture-chemical boom will not be swayed by the forces working against North American equity markets - the bullish trend of stocks like POT and AGU should give positive guidance for traders ready to pick up these stocks at the support levels touched today.
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