Based on the pattern that has developed since the January spike low at 16.90, the PowerShares Water Resources Portfolio ETF (AMEX: 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 3/17 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.

By Mike Paulenoff

Mike Paulenoff is author of the MPTrader.com (www.mptrader.com) , a real-time diary of Mike Paulenoff's trading ideas and technical chart analysis of Exchange Traded Funds (ETFs) that track equity indices, metals, energy commodities, currencies, Treasuries, and other markets. It is for traders with a 3-30 day time horizon, who use the service for guidance on both specific trades as well as general market direction

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