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Possible Bearish Inside Day Candle Pattern Detected for Archer-Daniels-Midland (NYSE:ADM)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Archer-Daniels-Midland (NYSE:ADM) based on the price action in the company's shares. Today's price range of $42.48 and $42.82 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Archer-Daniels-Midland may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Over the past year, Archer-Daniels-Midland has traded in a range of $29.86 to $53.31 and is now at $42.48, 42% above that low. Over the last five market days, the 200-day moving average (MA) has gone down 0.4% while the 50-day MA has advanced 1.2%.

Archer-Daniels-Midland Company procures, transports, stores, processes, and merchandises agricultural commodities and products. The Company processes oilseeds, corn, milo, oats, barley, peanuts, and wheat. Archer-Daniels-Midland also processes produce products which have primarily two end uses including food or feed ingredients.

Potential upside of 4.1% exists for Archer-Daniels-Midland, based on a current level of $42.48 and analysts' average consensus price target of $44.21. The stock should discover initial support at its 200-day moving average (MA) of $39.43 and subsequent support at its 50-day MA of $37.21.

SmarTrend is monitoring the recent change of momentum in Archer-Daniels-Midland. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Archer-Daniels-Midland in search of a potential trend change.

Keywords: bearish inside day candle archer-daniels-midland

Ticker(s): ADM