• Return to Headlines

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 $36.93 and $37.40 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, 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.

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 are now at $36.77, 27% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has declined 1.5%.

Archer-Daniels has overhead space with shares priced $36.77, or 23.8% below the average consensus analyst price target of $48.25. Archer-Daniels shares should first meet resistance at the 50-day moving average (MA) of $38.66 and find additional resistance at the 200-day MA of $40.91.

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: bearish inside day candle archer-daniels

Ticker(s): ADM