One To Watch- AGCO

As the market heats up it’s common to see more speculation, it’s also common t see more takeover chatter. We tend to hear rumors fairly routinely, but more so in a hot tape. Yesterday a rumor circulated that $CAT may have interest in buying $AGCO.  Some of my subscribers got long the name and they are still holding, I never buy a stock based solely on a rumor, but in this case the group is acting better and this particular chart looks solid. Below is a daily and weekly of AGCO

The daily chart below shows a breakout of the downtrend line and the volume was excellent. Not only did it break up through the downtrend line, but it also broke through and closed above the 200 day simple moving average.


The weekly chart below shows a breakout through the downtrend line and a closing price just pennies away from the 50 day simple moving average.


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