Not so fast. Support might not hold, just as well. Against all seemingly great fundamentals for the company, fertilizer stocks (generally speaking) tend to move with grain prices, which remain depressed and will fall further due to record crops throughout the world this year. Thank the farmers.
I wish you're right though, just picked up more.
Share price broke a support line I had drawn from about 10 months ago this morning when it dropped through 27.80. Still, it looks like it might recover and close above that line. If it doesn't drop much more, I will still think we have a chance to break out to the upside. If the market drops another 10% though, all bets are off.
And Eric's buoyant comments on the dividend change press release were very positive...be unusual for a 12-month support line to give away with such a view of the company's future....hoping for a year-long pennant pattern.
At least the drought is over for now in the Midwest!