Shares of Incitec Pivot posted a 10 month high of $3.55 last Friday, and could test chart resistance near the $4.00 mark in the near-term.
The highlight for the chemical firm has been the early success at their their new ammonia plant in Louisiana.
The new facility, which came in below the US$ 850 million budget, has scaled-up to over 80% capacity utilization with nearly 72kt short tons produced between October and November.
We like IPL, as a firm, and the growth potential of the chemical sector into 2017. As such, we will put IPL on our ALGO radar and look to buy on a dip back into the $3.10 support area.