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MOS could bounce off a historically bullish trendline
Mosaic Co (NYSE:MOS) stock is inching higher today, after yesterday’s 5.8% drop was caught by consistent support at the $46 level. Despite a 6% deficit in the last three months, the stock could be preparing for a near-term bounce, as MOS has just pulled back to a trendline with historically bullish implications.
MOS is currently within one standard deviation of its 320-day moving average. According to Schaeffer’s Senior Quantitative Analyst Rocky White, the equity has seen three similar signals in the last three years, and was higher one month later each time, averaging an 18.4% gain. A move of similar magnitude from the stock’s current perch at $49.30 would put the shares back above the $58 level for the first time since August.
Some tailwinds could arise from the brokerage bunch as well, as seven of the 15 analysts in coverage still carry a “hold” or worse rating on MOS despite its outperformance this year.
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Image and article originally from www.schaeffersresearch.com. Read the original article here.