Nutrien Ltd. (NTR) produces and distributes potash, nitrogen and phosphate products for agricultural, industrial and feed customers world-wide. Let's check out the charts and indicators of this Canada-based company.
In the daily bar chart of NTR, below, I can see a long decline from late August. The shares trade below the declining 50-day moving average line and below the declining 200-day line.
The On-Balance-Volume (OBV) line shows weakness since late August with sellers being more aggressive than buyers. The Moving Average Convergence Divergence (MACD) oscillator is bearish.
In the weekly Japanese candlestick chart of NTR, below, I can see that the shares have been cut in half from the 2022 high. The shares trade below the declining 40-week moving average line but the most recent weekly candle shows us a lower shadow.
Trading volume shows us an increase in recent weeks. The weekly OBV line is in a long-term decline. The MACD oscillator is in a bearish alignment below the zero line.
In this daily Point and Figure chart of NTR, below, I can see that the shares have reached and exceeded a downside price target in the $64 area.
In this weekly Point and Figure chart of NTR, below, I can see that the shares reached and exceeded a downside price target in the $60 area.
Bottom-line strategy: While there are some clues that NTR has seen the worst in its correction from the 2022 highs that is not enough to warrant a buy recommendation. Some bottoming price action would make me more comfortable about going long.
