Corteva Inc. (CTVA) was given a favorable nod by Jim Cramer during Monday's "Mad Money" show. Cramer told viewers to stop fretting over stimulus negotiations. Instead, start buying the agriculture stocks that don't rely on stimulus. CTVA made the list. We looked at CTVA on May 27 and wrote that, "We do not have a lot of trading history for CTVA but what we do have is not bullish. Avoid the long side of CTVA for now." CTVA declined to a low in early August before turning higher.
Let's check out the charts again.
In this daily bar chart of CTVA, below, we can see that prices caught a bid in late August and began a rally into October. Prices broke above the highs of February and June. Prices are above the rising 50-day moving average line and the rising 200-day moving average line. The On-Balance-Volume (OBV) line has been strengthening since May and looks like it has made a new high along with prices. A rising OBV line tells us that buyers of CTVA have been more aggressive with heavier trading volume being executed on days when the stock has closed higher. The Moving Average Convergence Divergence (MACD) oscillator is bullish.