Nutrien Stock Jumps 5.51% As Technical Indicators Signal Bullish Reversal

Nutrien (NTR) closed its most recent trading session at $59.75, marking a significant gain of 5.51%. This surge warrants examination within the context of the stock's technical structure derived from the provided historical price data.
Candlestick Theory
Recent price action for Nutrien reveals a bullish engulfing pattern formed over the last two days (Oct 1st: down 3.54% on high volume, Oct 2nd: up 5.51% engulfing the prior candle). This pattern suggests a potential reversal of the preceding short-term downtrend evident since the September 24th peak near $59.73. Key resistance is firmly established around the $60.00 level, tested and rejected significantly on September 25th ($60.59 high) and multiple times in August ($60.47, $60.43). Strong support materialized near $56.60 - $56.70 over the past week, confirmed by the October 1st low of $56.61 holding above the September 23rd low of $56.32.
Moving Average Theory
Nutrien currently trades above its key long-term moving averages (MAs), indicating a bullish primary trend. The 200-day MA (traced roughly around $52-53) provides a solid long-term foundation. The price resides significantly above the 100-day MA (approx. $55-56). Crucially, the 50-day MA (approx. $57-58) is acting as dynamic support, with the price rebounding from near this level several times in recent weeks, including on October 1st. The sequence remains constructive (price > 50-day > 100-day > 200-day), confirming bullish positioning.
MACD & KDJ Indicators
The MACD (12,26,9) recently experienced a bearish crossover in late September as price weakened but shows signs of stabilizing near the zero line. The histogram is beginning to contract, potentially foreshadowing a bullish crossover soon. Meanwhile, the KDJ indicator dipped into oversold territory (K & D lines potentially below 20) around the October 1st low. The subsequent price surge on October 2nd likely triggered an upward crossover of the K and D lines from oversold conditions, providing a short-term bullish momentum signal. These oscillators support the reversal potential signaled by the candlestick pattern near support.
Bollinger Bands
Bollinger Bands (20,2) underwent a period of contraction through late September into early October as volatility decreased and price oscillated between the middle ($57-$58) and lower bands. The strong bullish candle on October 2nd propelled the price upwards, breaking above the middle band and pushing towards the upper band (approx. $60.50-$61.00), signaling a volatility expansion phase potentially confirming the breakout attempt. The position near the upper band suggests strong short-term momentum.
Volume-Price Relationship
The price decline on October 1st (-3.54%) occurred on substantially elevated volume (3,927,523), suggesting capitulation or strong selling pressure. The subsequent sharp rise on October 2nd (+5.51%) also occurred on healthy volume (3,017,474), validating the upward movement. This high-volume reversal off the $56.60 support level enhances the significance of that support zone. The rejection near $60 earlier in the data set (e.g., Aug 29th, Sept 25th) also often came with high volume, underscoring the resistance level.
Relative Strength Index (RSI)
The 14-day RSI (calculated using RSI = [Average Gain / (Average Gain + Average Loss)] × 100) dipped towards oversold territory recently, falling into the mid-30s during the pullback to $56.61. The strong bounce on October 2nd pushed the RSI back above the 50 level (estimating it near 60-65), indicating improving momentum. While the RSI is not yet overbought (>70), the move out of near-oversold territory aligns with the bullish reversal signals. It serves as a warning indicator rather than a precise timing tool, confirming the loss of downward momentum without yet signaling an overextended condition upside.
Fibonacci Retracement
Applying Fibonacci retracement levels to the significant advance from the December 19th, 2024 low of $44.04 to the June 13th, 2025 peak of $62.89 reveals key potential support zones. The 38.2% retracement level sits near $56.55, and the 50% level near $53.45. Nutrien's recent pullback found consistent support right around the $56.60 level, precisely near the 38.2% Fibonacci retracement level ($56.55). This confluence with the psychologically important $56.50-$57.00 support zone strengthens its technical relevance as a potential pivot area for the recent recovery.
Conclusion
Multiple technical indicators provide confluence supporting a potential bullish reversal for Nutrien following the test of key support near $56.60-$56.70. This level aligns with the 38.2% Fibonacci retracement and the 50-day MA. The bullish engulfing candlestick pattern, recovery in momentum oscillators (MACD stabilizing, KDJ crossing up from oversold), volume validation of the reversal, and breakout from low volatility conditions within the Bollinger Bands collectively suggest upside momentum may be resuming. However, significant overhead resistance remains intact around $60.00, a level proven historically formidable. Overcoming this resistance on substantial volume would be necessary to signal the continuation of the broader uptrend towards higher historical levels. The current technical structure leans bullish, contingent on the price holding above the $56.60 support zone.