ADM closes above its opening price after recovering from early selling pressure


Archer-Daniels-Midland Company (ADM) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team

Highlights

ADM closes above its opening price after recovering from early selling pressure
ADM closes higher for the 2nd day in a row
ADM pushes through Monday's high
ADM still stuck within tight trading range

Overview

Moving higher for the 2nd day in a row, ADM finished the month 1.5% higher at 39.90 after gaining $0.24 (0.61%) today, underperforming the S&P 500 (1.54%). Trading up to $0.29 lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. The last time this happened on June 16th, ADM actually lost -0.69% on the following trading day. Closing above Monday's high at 39.87, the stock confirmed its breakout through the prior session high after trading up to $0.17 above it intraday.

Daily Candlestick Chart (ADM as at Jun 30, 2020):

Daily technical analysis candlestick chart for Archer-Daniels-Midland Company (ADM) as at Jun 30, 2020

Tuesday's trading range has been $0.59 (1.48%), that's far below the last trading month's daily average range of $1.00. Weekly volatility is also lower, being way below the market's average weekly trading range. The longer-term, monthly volatility is currently notably lower than usual for ADM. Prices continued to consolidate within a tight trading range between 38.72 and 40.05 where it has been caught now for the whole last trading week.

Archer-Daniels-Midland shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.

Buying might speed up should prices move above the close-by swing high at 40.05 where further buy stops could get triggered.

Among the four market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing High" stand out. Although it is usually interpreted as neutral, it has actually shown to be bullish for Archer-Daniels-Midland. Out of 751 times, ADM closed higher 53.40% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 56.59% with an average market move of 0.38%.


Market Conditions for ADM as at Jun 30, 2020

Loading Market Conditions for ADM (Archer-Daniels-Midland Company)...
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ADM closes within prior day's range

Jul 06, 2020
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