Monsanto: Earnings release technical preview, small short-base
BULLISH CASE: On better than expected news/outlook the stock could trade to the upper limit of the bearish price channel at $77.01. On a bullish breakout above the price channel the following resistance levels would become upside objectives: $78.25, $80.62, $82.08, $82.75, $84.35, $85.68, $87.32, $89.01, $90.50. BEARISH CASE: On worse than expected news/outlook the stock could trade to the lower limit of the price channel at $73.71. On a bearish breakdown below the price channel the following support levels would become downside objectives: $72.81, $70.85, $69.63, $68.02, $66.10, $64.50, $63.47, $60.46. NOTE: Small short-base at 1 day to cover, with 1.6% of the float short. Traders are positioned for positive news. Reactions on a surprise, especially a negative one given the small short-base, have a high probability of being extreme in duration and price.
BULLISH CASE: On better than expected news/outlook the stock could trade to the upper limit of the bearish price channel at $77.01. On a bullish breakout above the price channel the following resistance levels would become upside objectives: $78.25, $80.62, $82.08, $82.75, $84.35, $85.68, $87.32, $89.01, $90.50. BEARISH CASE: On worse than expected news/outlook the stock could trade to the lower limit of the price channel at $73.71. On a bearish breakdown below the price channel the following support levels would become downside objectives: $72.81, $70.85, $69.63, $68.02, $66.10, $64.50, $63.47, $60.46. NOTE: Small short-base at 1 day to cover, with 1.6% of the float short. Traders are positioned for positive news. Reactions on a surprise, especially a negative one given the small short-base, have a high probability of being extreme in duration and price.
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