Based on the pattern that has developed since the January spike low at 16.90, the PowerShares Water Resources Portfolio ETF (PHO) is heading for the top of its price channels into the vicinity of 21.50/70 prior to the completion of the current upleg off of the March 17 pivot low (18.11). If rice is in short supply, what about water? I don't know if access to fresh water will be a problem next week or in another 15 years, but that day is approaching. In any case, for my purposes right here, right now, I am looking for 21.50.



Mike Paulenoff is a 26-year veteran of the financial markets and author of MPTrader.com, a real-time diary of his technical chart analysis and trading alerts on all major markets. For more of Mike Paulenoff, sign up for a free 15-Day trial to his MPTrader Diary by clicking here.