Another inverse head and shoulders setup is taking shape in shares of Syngenta (SYT), a Basel, Switzerland-based firm that gets its commodity exposure as an agricultural chemical producer. Because Syngenta's customers produce soft commodities, its sales are driven by the price levels growers are able to collect in the marketplace.
In Syngenta's case, the neckline level to watch is $64 -- above that price, this stock becomes a high probability trade to the upside. One thing that's immediately apparent on looking at SYT's chart is the abundance of gaps that have been occurring in shares lately. Those gaps, called suspension gaps, are the result of Syngenta's trading off U.S. exchange hours in Zurich. They can be ignored for technical trading purposes.Despite exposure to two different types of commodities, the trading implications in SYT are effectively the same as those in Consol Energy. To see these plays in action, check out the Technical Setups for the Week portfolio at Stockpickr. -- Written by Jonas Elmerraji in Baltimore.
Twitter and become a fan on Facebook.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV