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Money Making Play Book (NYSE:JJG) (NYSE:MON) (NYSE:POT) (NYSE:GIS) (NYSE:K)

Posted by Aadil on January 17, 2011 at 12:12am
Over the past few weeks there have been food riots breaking out around the world. Countries such as Tunisia, and Algeria, China, and India are just a few nations that have made the headline news over the past week as riots escalate over soaring food prices. Therefore, it is only fitting that in this weekly report the focus will be on the food and agriculture related issues. 
 
First, lets examine the iPath DJ AIG Grains Total Return Sub-Index ETN (NYSE: JJG). This ETN tracks a basket of corn, wheat, and soybean futures. Since June 7th, 2010 the JJG was trading as low as $33.32. Since that time the JJG has soared higher by 76.0 percent. On January 14, 2011 the JJG made a fresh new 2 year closing high and remains very strong on the charts by trading above its weekly 20, and 50 moving averages. There will be some daily chart resistance for the JJG around the $54.00 area. Therefore, it is possible to see a pullback or consolidation around this current level. However, the weekly resistance levels will be at the $59.00, $62.00, and $67.00 areas. Should the JJG pullback or consolidation there will be near term support around the $50.00 level.  Take careful note of these levels, include them on your charts, watch and profit from them.
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