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

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Archer-Daniels (NYSE:ADM) based on the price action in the company's shares. Today's price range of $37.51 and $37.75 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 may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Archer-Daniels-Midland Company procures, transports, stores, processes, and merchandises agricultural commodities, products, and ingredients in the United States and internationally. The company operates through four segments: Origination, Oilseeds, Carbohydrate Solutions, and Nutrition.

Archer-Daniels (NYSE:ADM) has potential upside of 28.5% based on a current price of $37.55 and analysts' consensus price target of $48.25. The stock should find initial resistance at its 50-day moving average (MA) of $40.05 and further resistance at its 200-day MA of $42.19.

Over the past year, Archer-Daniels has traded in a range of $36.45 to $52.07 and is now at $37.55, 3% above that low. The 200-day and 50-day moving averages have moved 0.48% lower and 0.47% lower over the past week, respectively.

SmarTrend recommended that its subscribers protect gains by selling shares of Archer-Daniels on July 18th, 2019 by issuing a Downtrend alert when the shares were trading at $40.03. Since that call, shares of Archer-Daniels have fallen 5.2%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish inside day candle archer-daniels

Ticker(s): ADM