MOS climbs to highest close since December 11, 2018
Mosaic Company (MOS) Technical Analysis Report for Jan 11, 2019 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, MOS finished the week 4.11% higher at 31.64 after gaining $0.07 (0.22%) today, slightly outperforming the S&P 500 (-0.01%). Today's close at 31.64 marks the highest recorded closing price since December 11, 2018. Trading up to $0.63 lower after the open, the share managed to reverse during the session as bulls took control ending the day above its opening price. Closing above Thursday's high at 31.57, the market confirmed its breakout through the prior session high after trading up to $0.08 above it intraday.
Daily Candlestick Chart (MOS as at Jan 11, 2019):
Friday's trading range has been $0.90 (2.87%), that's slightly below the last trading month's daily average range of $1.03. Weekly volatility is also lower, being way below the market's average weekly trading range. The longer-term, monthly volatility is currently significantly lower than usual for MOS. Prices continued to consolidate within a tight trading range between 30.70 and 31.72 where it has been caught now for the last three trading days.
After trading down to 30.75 earlier during the day, Mosaic bounced off the key technical support level at 31.33 (S1). The failure to close below the support might increase that levels importance as support going forward. The stock ran into sellers again today around 31.65 for the third trading day in a row after having found sellers at 31.57 in the previous session and at 31.72 two days ago. The last time this happened on November 13, 2018, MOS lost -1.13% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying could accelerate should prices move above the nearby swing high at 31.72 where further buy stops might get triggered. Selling could speed up should prices move below the close-by swing low at 30.70 where further sell stops might get activated.
Among the 11 market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "High close to prior two Highs" stand out. Though it is usually interpreted as bearish, it has actually shown to be bullish for Mosaic. Out of 103 times, MOS closed higher 54.37% of the time on the next trading day after the market condition occurred.