Nutrien (NTR-T, Monday’s close $86.20) declined from $147.93 in April 2022 to $65.35 in January 2024 (A-B) while trading below a falling trendline (dotted line) and below the falling 40-week Moving Average (40wMA). Subsequently, the stock settled in a horizontal trading range mostly between $60 and $82 (dashed lines). The recent advance above the top of this range suggests a breakout and the start of a new uptrend (C); a sustained rise above $83-85 would confirm it.
Behaviour indicators, including the rising 40wMA, confirm the bullish status. There is good support near $77-78; a decline below this level would cancel the current upside potential.
A sustained rise above 83-85 would signal Point & Figure targets of $95 and $105. A breakout would support additional upside targets.
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Monica Rizk is the Senior Technical Analyst of the Phases & Cycles publication (www.capitalightresearch.com). Chart, courtesy of www.LSEG.com