The PowerShares agriculture ETF (DBA) keeps on moving higher with a gap at the open today. It continues to print very large candles and displaying relative strength against the broad market and other sectors.
For that reason, I took a look at other agriculture stocks and found Amira Nature Foods (ANFI) to have a very interesting chart. It had a very large reversal candle last Friday, so I am waiting to see where it settles after the spike. But I would be looking at starting a position around $22 with a stop below $21.50. The previous high would serve as an initial target ($25) for a Reward / Risk of 6:1.
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- ANFI Weekly Chart
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- ANFI Daily Chart
