NFTRH+; An Agricultural Stock Turns Up

Cresud S.A.C.I.F. yA (CRESY) is a producer of Agricultural products and services. Each time I have looked at its chart and gotten excited I have had the thought of Argentina (its locale) quickly follow it and frankly, ruin my little fantasy about buying CRESY.

Well, today the chart gets its say, after a subscriber pinged me on the company. With the idea that Argentina risk may be baked into the stock, let’s go by the chart, which is prospective for having made a bottom and the company’s sector, Agriculture, which is very bullish in 2021.

The daily chart asks “opportunity missed?” as the pattern, which I had looked at last week, blows upward and ticks a new high (the daily chart pattern, by the way, measures to near 8).

In a perfect world it would pull back short-term to around 6 to 6.10 to fill last week’s gap up. That would be an opportunity for a would-be buyer to do so. But a bullish move like this, with good blast off volume, is under no obligation to pull back that far. So a portfolio guy like me may consider going the less patient route (as of this writing, I have not made a buy decision).

The weekly chart shows a larger bottoming pattern that looks like it is eyeballing the 9 area, which is major resistance along with a gap waiting to be filled. .

cresy

A reminder that chart based NFTRH+ updates are technical trade setup ideas, which may not be revisited as the technical parameters are already noted. These updates are meant as a starting point for your further research if interested. I will not personally buy every item highlighted and will sometimes sell (ref. Trade Log) any item that I do buy below target (assuming I’ve not stopped out or sold for some other reason) as I often do. Also please be aware that I am not a fundamental stock analyst. Due diligence is your responsibility.