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

By Nick Russo

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. Yesterday's price range of $33.15 and $34.43 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. 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.

There is potential upside of 44.0% for shares of Archer-Daniels based on a current price of $33.50 and an average consensus analyst price target of $48.25. Archer-Daniels shares should first meet resistance at the 50-day moving average (MA) of $40.29 and find additional resistance at the 200-day MA of $41.15.

In the past 52 weeks, Archer-Daniels share prices have been bracketed by a low of $28.92 and a high of $47.20 and closed yesterday at $33.50, 16% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 2.8% while the 200-day MA has slid 0.5%.

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.

SmarTrend recommended that its subscribers protect gains by selling shares of Archer-Daniels on February 24th, 2020 by issuing a Downtrend alert when the shares were trading at $42.69. Since that call, shares of Archer-Daniels have fallen 21.5%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish am inside day candle archer-daniels

Ticker(s): ADM