Potash Corporation of Saskatchewan (NYSE:POT) has been negatively affected by the stronger PowerShares db USD Index Bullish (NYSE:UUP). Today the stock triggered a bearish pattern on the daily chart that cannot be ignored.
As you can see from the chart below, Potash Corp closed below the neckline of a daily Head and Shoulder pattern. While the stock could get a short tern bounce, I will be looking for an entry signal on the short side to ride it down to the $30.00 target.