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

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish 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 $42.86 and $43.14 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. Traders and investors interested in shares of Archer-Daniels-Midland may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Archer-Daniels-Midland (NYSE:ADM) has potential upside of 10.0% based on a current price of $43.14 and analysts' consensus price target of $47.44. 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.

In the past 52 weeks, shares of Archer-Daniels-Midland have traded between a low of $29.86 and a high of $53.31 and are now at $43.14, which is 44% above that low price. The 200-day and 50-day moving averages have moved 0.44% lower and 1.20% higher over the past week, respectively.

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.

SmarTrend is tracking the current trend status for Archer-Daniels-Midland and will alert subscribers who have ADM in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish inside day candle archer-daniels-midland

Ticker(s): ADM