By: Scott Redler
Yesterday Monsanto had their earnings. The stock has seen a steep decline but closed off the lows yesterday with huge capitulation volume after gapping down big.
I’m looking long. I will buy vs. yesterday’s low of 48 and add for a Momentum move into the gap above 50.27. The stock was downgraded this morning, with the genius analyst lowering targets after this type of decline. This type of backward thinking makes me laugh, and not in a good way. This will give us an even better trade, however, as this should go negative to positive and fill some of the open gap back to 52.
Update (10:34 AM): Selling half here at $51.30, trailing the rest for a swing with proper stops.
