Monday #KillirGuestPost by @Wesley_Harr
that didn't make it up... #Sorry Update post right behind it. #WesWords Written by Wesley Harr ~~~~~ I admit that Monsanto (MON), provider of agricultural products for farmers, hasn't been my favorite company in the past. Largely due to the difficulties experienced at the management level (to put it nicely) this is something I tend to have little patience for. Especially considering how much money upper level management makes at companies like this. However inept management has been, it does create value out there which can be seen in some of its spin-offs like SOA reciently receiving a takeover bid from none other than EMN one of my favorite chemical names. I digress, MON experienced a run higher after reporting earnings early in January and continued to run to new 52 week highs where in early February it failed to hold its upward trajectory on the chart. It promptly sold off to the $76.00 area (coinciding with the price levels it put in on earnings early January) where it found support and has since formed a bit of a wedge pattern on the chart. Today's price action demonstrates a break out from this wedge pattern to the upside. A close to the upside of this wedge pattern could indicate further upside in the name in trading to come. Some traders would also note the small head and shoulders pattern which could indicate further pressure on price action for this reason I would establish a firm stop probably around the apex of the wedge formation as an exit if the trade moves against you.