The Market Vectors Agribusiness ETF (AMEX: MOO) has spent the past 2 1/2 months or so carving out a base-like formation in the aftermath of a multi-month decline from 66.20 to 20.08 (-70%). The base-like pattern should resolve itself to the upside and will represent the central portion of an intermediate-term recovery rally period that should propel the MOO to 30.00-31.00. Only a break below 25.70 will begin to compromise the developing constructive pattern.

By Mike Paulenoff

Mike Paulenoff is author of the MPTrader.com (www.mptrader.com) , a real-time diary of Mike Paulenoff's trading ideas and technical chart analysis of Exchange Traded Funds (ETFs) that track equity indices, metals, energy commodities, currencies, Treasuries, and other markets. It is for traders with a 3-30 day time horizon, who use the service for guidance on both specific trades as well as general market direction

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