Saturday, June 17, 2017

Will POT Smoke?

The resource sector is either simmering for a lift-off or will peter out as deflation sucks life from the land.  Potash Corp (POT) is a bellwether, and its current shallow chart uptrend bodes well for them all.

Although in a major downtrend reversal rather than an uptrend retracement, e.g. US Steel, POT's steadily tempered turnaround, which began in January, has yet to be demurred.  Relentless upward pressure of late has shown no sizable flaw, such as was warned against by the "Alert" in 2014 before the demise of its last primary uptrend line.

Two variations of E-Breakout pattern are evident here, one long term and one intermediate term.  Nearest always presages farthest, whether with success or failure, so the more recent is focused upon.  These are the ABCs where F means success!

Shooting Stars are usually retested, and often surpassed, ergo optimism.  POT's bottom may be in, but summer is here, and the boyz are away, or so they say, while others play.  High volumes would mean that they're not, and that this bull is now underway.

In a Curved Universe
the Straight Line is King!

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