NTR : Favors Short Term Weakness Before Turning Higher

Nutrien Ltd., (NTR) provides crop inputs & services. It offers potash, nitrogen, phosphate & sulphate products, & financial solutions. The company also distribute through approximately 2000 retails locations in US, Canada, South America & Australia. It is based in Canada, comes under Basic Materials sector & trades as “NTR” ticker at NYSE.

NTR started impulse from March-2020 low & ended at $117.25 high & currently, pulling back in II zigzag correction towards $86.44 – $73.24 area before upside resumes.

NTR – Elliott Wave Latest Daily View : 

It placed ((1)) at $37.22 high on 4/09/2020 & ((2)) at $29.70 low. ((2)) was around 0.618 Fibonacci retracement against ((1)). While above there, it started third wave extension. It ended ((3)) at $73.50 high on 11/02/2021. ((4)) was shallow correction & favored ended at $65.84 low on 11/30/2021. Finally, it ended ((5)) at $117.25 high on 4/18/2022. While below there, it favors lower in II correction.

Below $117.25 high, it placed ((A)) at $96.01 low & ((B)) at $107.82 on 5/05/2022. Currently, it favors (5) of ((C)) leg between $86.44 – $73.24 area before it resumes next leg higher or at least 3 swing larger bounce. We like to buy the pullback from blue box area for further upside. Alternatively, it can extend lower as impulse sequence in ((A)) leg with few more lows & later expect a bounce of ((B)) leg in larger zigzag correction in II or as double correction.

Source: https://elliottwave-forecast.com/stock-market/ntr-favors-short-term-weakness-turning-higher/