Terra Finds New Ground
by Sam Collins 06/24/08Terra Industries Inc. (TRA) -- This leading producer and marketer of nitrogen and methanol products for agricultural and industrial markets has been in a bull market for just two years.
In that short time, it has climbed from $8 to $55 with just one correction in mid-2007. So far this year, TRA has consolidated its gains between $50 and $35 but in the last couple of weeks, it broke into high ground. The target for the new breakout is $65.
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More By This Expert
The charts are bullish for both indices, and it looks like they could reach my immediate target.
Thursday's dramatic acceleration, coupled with a 'key reversal day' on Monday, leads me to the conclusion that the markets will continue to rise.
Our internal indicators are now telling us that stocks are still a good value at this level.
The recent pullback in the First Trust ISE-Revere Natural Gas Index Fund (FCG) could offer a good opportunity to accumulate shares.
Unless the S&P 500 closes below 1,020, investors should be buying into this decline.
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