MON Monsanto Daily Chart H&S

MON Monsanto daily chart shows the recent lower lows and lower highs forming the downward channel. Also of interest is the H&S with a 77-ish head and 70 neck. This would forecast a 62-63 target which is also a gap fill area and sturdy horizontal support. Lots of gaps require filling on the underside but typically when price loses the neckline of an H&S it back kisses the neckline. Thus, a move in this 62 to 70 range is required for price discovery moving forward.

The positive slope of the histogram and stochastics over the last couple weeks reinforces the thought of a back kiss to the neckline, while the negativity of the RSI and money flow will want the back kiss to fail and result in more downside to sort out the 62-65 area. This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here or any links connected to this information. Consult your finanical advisor before making any investment decision.