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Monday, December 1, 2008

Potash POT Technical Analysis 12/1/08 - Dec 1st

You've probably noticed that I have been writing about Potash ( POT ) lately! It is because in my opinion, I believe there is a nice upside possibility on the near horizon. While the stock market appears to be breaking down technically after a huge one week run, I am very close to buying Potash ( POT ) in a major way. I need POT to close above the 10 day moving average first and I would love if it did that today in this bad market because when we have a green day, Potash would be a leader and get an even great bump higher.

As of today, the ten day moving average is right at $62.12, we haven't closed over the 10 day level since the Obama rally back in early November. That last run took Pot stock from $70 to $95 in 6 trading sessions. You can see that the potential is there for a nice gainer when this trade plays out. POT is currently at $60, so as of now, I won't be buying POT. Patience is the key because in the past few weeks, every time POT has tested the 10 day it has failed and gone lower. One of these days this trend will reverse and I will be buying. I will not be buying all at once, I will average up!

In this current stock market, it is all about NOT losing money! When I buy, I will be keeping a very tight stop to protect me from losing money. Most traders try to catch a falling knife and have gotten killed this year. I have been sitting on my hands for awhile now waiting to see some strength in this stock to take a long position.

To be continued.............

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