The VanEck Agribusiness ETF (MOO) has recently broken through resistance levels around $86-$87, suggesting a bullish trend with a target price near $96. This follows a period of consolidation after a nearly 20% gain earlier in the year. The ETF's chart shows an inverse head-and-shoulders pattern, and technical indicators like MACD and RSI support the upward momentum.
Within the ETF, Deere (DE) and CF Industries (CF) are highlighted as key stocks. Deere has broken through a significant resistance level of $660-$670, with a potential target of $830 based on its chart pattern. Meanwhile, CF Industries has also broken out above its neckline of $130-$133, with a target of $160.
Both stocks exhibit strong momentum, and investors are advised to buy on these breakouts while managing risk with stop-loss orders below recent breakout levels. Overall, the agriculture sector is gaining attention, making it a timely focus for investors during a historically challenging month for markets