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

By James Quinn

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 $44.01 and $44.15 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.

Archer-Daniels-Midland Company procures, transports, stores, 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.

There is potential upside of 8.6% for shares of Archer-Daniels based on a current price of $44.42 and an average consensus analyst price target of $48.25. The stock should discover initial support at its 50-day moving average (MA) of $44.11 and subsequent support at its 200-day MA of $41.44.

In the past 52 weeks, Archer-Daniels share prices have been bracketed by a low of $36.45 and a high of $47.20 and closed yesterday at $44.42, 22% above that low price. The 200-day and 50-day moving averages have moved 0.06% higher and 0.41% higher over the past week, respectively.

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