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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. Yesterday's price range of $37.96 and $38.40 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.

Over the past year, Archer-Daniels has traded in a range of $28.92 to $47.20 and closed yesterday at $37.14, 28% above that low. Over the last five market days, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has declined 1.6%.

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.

Archer-Daniels (NYSE:ADM) has potential upside of 29.9% based on a current price of $37.14 and analysts' consensus price target of $48.25. The stock should find resistance at its 200-day moving average (MA) of $40.55, as well as support at its 50-day MA of $36.16.

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

Keywords: bearish am inside day candle archer-daniels

Ticker(s): ADM