ADM finds buyers again around 49.87

Archer-Daniels-Midland Co (ADM) Technical Analysis Report for Sep 14, 2018

Highlights

ADM closes higher for the 5th day in a row
ADM finds buyers again around 49.87
ADM rises to highest close since September 4th
ADM stuck within tight trading range
ADM closes within previous day's range after lackluster session

TQ Sentiment

Report Sentiment: 0% Neutral
Technical Forecast:

Overview

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.

Daily chart for ADM

Volatility

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.

Support/Resistance

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.

Trend

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.

Order Flow

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.

Conclusion

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 Win Rate 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
More market conditions identified for TQ Pro members...
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Latest Report:

ADM runs into sellers again around 50.14

Sep 17, 2018
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