$MOO Is Ready to Moon 🌤️ The Morning Print

Good morning! 

The VanEck Agribusiness ETF (MOO) is setting up to resolve higher from its multi-month coil.

Here's the setup.

MOO, which has to be one of the best tickers, started off the year red-hot.

This is an ETF composed of companies that generate revenue from the agribusiness sector.

During January & February, MOO recorded its best two-month rate of change since 2010.

Since then, its been consolidating in a series of higher lows and lower highs, as price nears the apex of this pattern.

These types of patterns typically resolve in the direction of the underlying trend, and the base breakout was the sign that the path of least resistance is now higher.

Meanwhile, agricultural commodities are starting to take the lead, with both Wheat and Corn recently hitting new 52-week highs.

If a broader bull market in agriculture is underway, it only makes sense for the companies that rely on these commodities to see meaningful upside expansion.

We think the bottom is in for MOO, and that this coil is setting the stage for a move higher.