Certainly, most of the basic resources can be recovered from the Moon itself. Assuming recent measurements at the South Pole are accurate, water, oxygen and rocket fuel should not be a problem. The biggest obstacle is the cost effectiveness of a settlement project. Launch costs make a lunar base prohibitively expensive. Moreover, in most areas of the Moon, solar energy resources are feast or famine.
Agriculture requires more consistent energy inputs.
In a similar vein, the Moon is poor in nutrients needed to sustain plant life.