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Today’s chart is of Potash Corp. of Saskatchewan (POT) which produces and sells fertilizers and related industrial and feed products primarily in the United States and Canada.
Ticker: Potash Corp. of Saskatchewan (POT)
Strategy: Short trade
What I Am Looking At:
- Underperforming the broader market, down 12 percent year-over-year
- Shares have been oscillating around the 0 percent year-to-date level, currently down nearly 3 percent YTD
- Round number $40 level has shown great significance over the years which also coincides with $40.25, half the all-time high
- 80-month moving average (purple line on chart) also coincides at the current level, which has acted as support in the past
- A clean break of the mentioned technical levels could result in a quick move downwards
- Peak call open interest at the 40-strike could pressure shares lower on unwind situation
- Nearly twice as many calls than puts have been bought to open during the past 50 days
- Short interest remains low, only 1.2 percent of the float
- 11 out of 21 analysts rate the shares a “buy”
- Quarterly earnings growth -38 percent (YOY)
- Next earnings release April 25th, unconfirmed