Potash

Content on this page requires a newer version of Adobe Flash Player.

Get Adobe Flash player

Nearest Resistance: $37
Nearest Support: $29
Catalyst: Industry Insanity

>>5 Big Stocks to Trade for Gains

It's been quite a week for Potash ( POT). Shares of the $26 billion firm are up 1% on high volume today after dropping more than 20% from Monday's open. The whole fertilizer industry is getting shaken up after Russia-based Uralkali ended a joint venture with Belaruskali that controlled around 43% of the potash market. With lower potash prices looking imminent, the whole industry is getting shellacked this week. POT is just one of the more high profile movers.

Today, shares of POT are trying to establish support on high trading volume. That level looks pretty strong at $29. With support so near by, and resistance well overhead and $37, August could be a good time to start building a position in POT. I'd recommend waiting for a more meaningful move off of $29 first.

If you liked this article you might like

Goldman Sachs Could Be Another Negative Tell; Takeaways: Doug Kass' Views

All That Rises Is Not Tech: Top Takeaways From Jim Cramer's 'Off the Charts'

Investors Should Ignore Washington: Cramer's 'Mad Money' Recap (Tuesday 7/18/17)

These Stocks Have Changed Direction