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.
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.
ChartMill also assign a Setup Rating to every stock. With this score it is determined to what extend the stock has been trading in a range in the recent days and weeks. This score also ranges from 0 to 10 and is updated daily. The setup score evaluates various short term technical indicators. NYSE:ADM scores a 9 out of 10:
Besides having an excellent technical rating, ADM also presents a decent setup pattern. Prices have been consolidating lately and the volatility has been reduced. There is a resistance zone just above the current price starting at 96.91. 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. Very recently a Pocket Pivot signal was observed. This is another positive sign.
One way to play this would be to wait for the actual breakout to happen and buy when the stock breaks out above the current consolidation zone. A possible place for a stop loss would be below this zone.
This article should in no way be interpreted as trading advice. You should always make your own analysis and trade or not trade based on your own observations and style. The article is based purely on some technical observations.
Our Breakout analyzer lists more breakout setups and is updated daily.
Let's have a look at the S&P500 gap up and gap down stocks in today's session.
Supply-chain issues have weighed on Deere earnings. Robust demand is driving sales growth.
Palm Beach, FL – November 17, 2022 – FinancialNewsMedia.com News Commentary – Agriculture often places significant pressure on natural resources and the environment. Sustainable agricultural practices are intended to protect the environment, expand the Earth’s natural resource base, and maintain and improve soil fertility. Based on a multi-pronged goal, sustainable agriculture seeks to Increase profitable farm income, […]
/PRNewswire/ -- Sustainable agricultural practices are intended to protect the environment, expand the Earth's natural resource base, and maintain and improve...