MOO at 61.8% Fibonacci Retracement Level

I have posted my recommendation on shorting several stocks in the past (GOOG, LUV, ASH, DTG, XOM) on Long & Short Investment. Today, I will be looking at another short potential on an ETF. Looking at a two year chart on MOO ETF, we see that this agricultural business ETF more than doubled from its low of $20 per share around November 2008. It has now retraced back to 61.8% Fibonacci retracement level at $48.12. If this technical analysis is correct, then most likely there will be a pull back with MOO ETF. However, I have seen recently many stocks just push right through these types of resistance levels without any problem. If similar situation occurs with MOO, then there is another resistance level at $50, being a nice round number. So, how should we be trading MOO this month? I would be shorting MOO at recent price of $47.50 level with STOP-LIMIT at $50.05. Keep in mind that $43 is the 50% Fibonacci retracement level so it would be wise to exit this short position at this price level. Let’s see if we can make some profit trading MOO.