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Potash Corp. of Saskatchewan (
POT) is an integrated fertilizer and related industrial and feed products company. This stock closed up 3.4% to $30.97 in Monday's trading session.
Monday's Volume: 24.23 million
Three-Month Average Volume: 10.53 million
Volume % Change: 162%
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From a technical perspective, POT bounced higher here right off some near-term support at $30 with heavy upside volume. This move is quickly pushing shares of POT within range of triggering a major breakout trade. That trade will hit if POT manages to take out some near-term overhead resistance at $31.29 and then once it clears its gap down day high from a few weeks ago at $31.89 with high volume.
Traders should now look for long-biased trades in POT as long as it's trending above some near-term support at $30 or above more support at $29 and then once it sustains a move or close above those breakout levels with volume that hits near or above 10.53 million shares. If that breakout triggers soon, then POT will set up to re-fill some of its previous gap down zone that started at $38.09. Some possible upside targets if POT gets into that gap with volume are $34 to $35.
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