After a false breakout from a bull flag, $TAN has pulled back to a short-term uptrend line and support of the rising 10-day moving average. We look for $TAN to find support at or around this level by the end of the week:
If the $27 level does not hold in $TAN, then we would expect a quick test of the rising 20-day exponential moving average, which is just below $27.
Due to the lack of actionable ETF trade setups lately, we have been taking a look at monthly charts this week.
After a big run up from 2009 to 2011, Market Vectors Agribusiness ETF (NYSEARCA:MOO) has been in chop mode the past two years, putting in higher swing lows at $40, $45, and potentially $50. $MOO did break the downtrend line at the beginning of 2013, but failed to extend higher and has basically chopped around in a tight range while holding the trendline. $MOO has been a laggard all year and we do not expect that to change unless it can break above $56. Nothing to do now but wait and see:
On the stock side, $GIII and $SEAS buy setups remain live. Regular subscribers to The Wagner Daily should note our preset, exact buy trigger and stop prices for the setup. We sold 200 shares (50%) of $PDFS to lock in gains on the open and still have 200 shares remaining with a tight stop.
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