The Mosaic Company (MOS) extended its gains in recent intraday trading, continuing to benefit from an earlier breakout above a primary short-term descending trendline. Positive momentum also persists as the stock continues to trade above its 50-day Simple Moving Average (SMA), which is acting as dynamic support and strengthening the prospects for extending the recent corrective gains in the near term. However, momentum indicators have begun forming a bearish crossover after reaching extremely overbought territory, which could temporarily slow the pace of the stock's advance.
Therefore, our outlook remains bullish for the stock's upcoming trading sessions, as long as support at $24.50 remains intact. Under this scenario, the stock is expected to target the next resistance level at $28.90.
Today's price forecast: Bullish.
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