Jeff Kilburg

Jeff Kilburg's photo: #KillirGuestPost update of #MON by @Wesley_Harr ~~~~ #WesWords written by Wesley Harr ~~~~~ Monday I wrote about Monsanto (MON) and its struggle to break higher from its wedge formation on the chart. To update this trade I wanted to point out that the price struggle around the apex of the wedge is on like donkey kong today. So far after pressure on the price throughout the morning the stock has managed to fight back to flat on the session. The market is undoubtedly trying to shake out weak hands here. The one thing thats for certain is the wedge formation is almost closed at the apex meaning price action will spit out of the formation to one side or another. So far the edge still looks bullish since the name has managed to pull off close above the wedge however has failed to do so below. Keep in mind these sort of trades aren't for those of weak constitution. Once the direction is established a reasonable target for the stock is the origination of both the upper and lower lines of the wedge formation so your February 2 ($83.69) highs or February 14 lows ($76.33). -Wesley Harr

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March 21, 2012#KillirGuestPost update of #MON by @Wesley_Harr ~~~~ #WesWords written by Wesley Harr ~~~~~ Monday I wrote about Monsanto (MON) and its struggle to break higher from its wedge formation on the chart. To update this trade I wanted to point out that the price struggle around the apex of the wedge is on like donkey kong today. So far after pressure on the price throughout the morning the stock has managed to fight back to flat on the session. The market is undoubtedly trying to shake out weak hands here. The one thing thats for certain is the wedge formation is almost closed at the apex meaning price action will spit out of the formation to one side or another. So far the edge still looks bullish since the name has managed to pull off close above the wedge however has failed to do so below. Keep in mind these sort of trades aren't for those of weak constitution. Once the direction is established a reasonable target for the stock is the origination of both the upper and lower lines of the wedge formation so your February 2 ($83.69) highs or February 14 lows ($76.33).
-Wesley Harr

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