Pick of the Day – MON (by TraderHR)

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Monsanto Co. (MON), after breaking above its descending trend line and reaching the 74 area in late June, has been consolidating in the last two weeks in a bullish flag formation. This flag was broken today as the stock jumped toward the highs for the year, thus suggesting a new up-wave has started.

If MON breaks its 52-week high at 76.69 in the coming days, we could see the stock reach the 78-79 range next. Preferred entry (buy stop) price is at 76.80, with a stop at 74.30.

Originally published on TraderHR.com.