One sector that I continue to follow closely is agribusiness, which technically argues for upside continuation from a base-like pattern structure that has developed since early October. A hurdle of key resistance at 29.25/75 in the Market Vectors Agribusiness ETF (MOO) should trigger upside continuation towards 35.00-36.00 thereafter.

Perhaps such a move in the MOO will be a reflection of global food deficits going forward and/or weather-related crop failures that enable agribusiness names. Whatever the case, as long as the MOO remains above its upturning 50-day moving average (now at 25.43), I will be "friendly" to the sector.



Mike Paulenoff is a 26-year veteran of the financial markets and author of MPTrader.com, a real-time diary of his technical chart analysis and trading alerts on all major markets. For more of Mike Paulenoff, sign up for a free 15-Day trial to his MPTrader Diary by clicking here.