Just a quick post before the open today. Commodity stocks were in play yesterday and look to be continuing with their strength on the open today. I am specifically looking at US Steel (X), Freeport-McMoran (FCX) and Mosaic(MOS) today on the open. All three are up in the pre-market and approaching important intraday breakout levels.
X was very strong all day yesterday and is up about .50 in the pre-market and currently trading around 48.70 which happens to be yesterdays high. If we clear that level the next resistance I see is the 200ma on the daily at 50.85 and then 51.40. If we clear those levels 58 is the next reistance I see.
FCX is currently trading around yesterdays high of 78.80 in the pre-market. The level to watch is 79 which is basically the 2-day highs. The next level to watch for resistance after that is 81.66 and then 82.20. Longer term profit target above these levels is 88.30.
MOS has basically been in a consolidation box for the past 15-days. The levels to watch are 60 and 55. Currently we are trading around 59 so I don’t think we are going to get to 60 today but I may put a piece on if I see some strength on the open with the intension of adding on above 60 for a profit target of 65.00.
Best of luck today.
Kyle
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