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

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Archer-Daniels (NYSE:ADM) based on the price action in the company's shares. Yesterday's price range of $38.62 and $39.13 is within the prior day'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 may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Potential upside of 23.9% exists for Archer-Daniels, based on a current level of $38.93 and analysts' average consensus price target of $48.25. The stock should run into initial resistance at its 50-day moving average (MA) of $39.21 and subsequent resistance at its 200-day MA of $41.22.

Archer-Daniels share prices have moved between a 52-week high of $52.07 and a 52-week low of $36.45 and closed yesterday at 7% above that low price at $38.93 per share. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 0.3%.

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.

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

Keywords: bullish am inside day candle archer-daniels

Ticker(s): ADM