NYSE:ADM may be ready to breakout.

ARCHER-DANIELS-MIDLAND CO (ADM)       92.02   -5.48 (-5.62%)


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NYSE:ADM may be ready to breakout.8 days ago - Chartmill

A possible breakout setup was detected on ARCHER-DANIELS-MIDLAND CO (NYSE:ADM) by our stockscreener. A breakout pattern is formed when a stock consolidates after a strong rise up. We note that this pattern is detected purely based on technical analysis and whether the breakout actually materializes remains to be seen. It could be interesting to keep an eye on NYSE:ADM.

ADM Daily chart on 2022-11-23

What is the technical picture of NYSE:ADM telling us.

ChartMill assigns a proprietary Technical Rating to each stock. The score is computed daily by evaluating various technical indicators and properties. The score ranges from 0 to 10.

We assign a technical rating of 10 out of 10 to ADM. Both in the recent history as in the last year, ADM has proven to be a steady performer, scoring decent points in every aspect analyzed.

  • The long and short term trends are both positive. This is looking good!
  • Looking at the yearly performance, ADM did better than 96% of all other stocks. We also observe that the gains produced by ADM over the past year are nicely spread over this period.
  • ADM is part of the Food Products industry. There are 101 other stocks in this industry. ADM outperforms 96% of them.
  • ADM is currently trading near its 52 week high. This is a good sign, certainly because the S&P500 Index is not trading near new highs.
  • In the last month ADM has a been trading in the 91.74 - 98.28 range, which is quite wide. It is currently trading near the high of this range.

How does the Setup look for NYSE:ADM

Besides the Technical Rating, ChartMill also assign a Setup Rating to every stock. This setup score also ranges from 0 to 10 and determines to which extend the stock is consolidating. This is achieved by evaluating multiple short term technical indicators. NYSE:ADM currently has a 9 as setup rating:

Besides having an excellent technical rating, ADM also presents a decent setup pattern. Prices have been consolidating lately. There is a resistance zone just above the current price starting at 97.68. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 93.07, a Stop Loss order could be placed below this zone. We notice that large players showed an interest for ADM in the last couple of days, which is a good sign. Very recently a Pocket Pivot signal was observed. This is another positive sign.

Trading breakout setups.

For a potential trade one would typically wait until the stock breaks out of the consolidation zone to enter the stock and it could be sold again for a loss when it would fall back below the zone.

Of course, there are many ways to trade or not trade NYSE:ADM and this article should in no way be interpreted as trading advice. The article is purely based on an automated technical analysis and just points out the technical observations. Always make your own analysis and trade at your own responsibility.

More breakout setups can be found in our Breakout analyzer.

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