ADM finds buyers again around 49.87
Archer-Daniels-Midland Co (ADM) Technical Analysis Report for Sep 14, 2018
Moving higher for the 5th day in a row, ADM finished the week 1.48% higher at 50.04 after gaining $0.04 (0.08%) today. Today's closing price of 50.04 marks the highest close since September 4th. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Friday's trading range was $0.25 (0.5%), that's far below last trading month's daily average range of $0.51. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being below average. Prices continued to consolidate within a tight trading range between 49.68 and 50.25 which it has been in now for the last three days.
Prices are trading close to the key resistance level at 50.25. After having been unable to move lower than 49.89 in the previous session, the stock found buyers again around the same price level today at 49.87.
While Archer-Daniels-Midland is currently in a short-term down trend, this might just be a correction, as the medium and long term trends are both positive.
Buying could speed up should prices move above the nearby swing high at 50.25 where further buy stops might get activated. As prices are trading close to September's high at 50.40, upside momentum could accelerate should the share mark new highs for the month.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.
Market Conditions for Archer-Daniels-Midland Co
|Condition||Forecast||Direction||Direction||Win Rate||Win Rate||Exit Day||Exit Day||Events|
|Closed below last periods low||TQ Pro Members Only|
|Bearish Outside Bar||TQ Pro Members Only|
|High close to previous High||TQ Pro Members Only|
|Close to Swing High||TQ Pro Members Only|
|Bearish Engulfing Candle||TQ Pro Members Only|
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