ARCHER-DANIELS-MIDLAND CO is setting up nicely for a breakout.

ARCHER-DANIELS-MIDLAND CO (ADM)       92.14   -5.36 (-5.5%)


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ARCHER-DANIELS-MIDLAND CO is setting up nicely for a breakout.6 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 2022-11-25

Technical Analysis Observations

Every day ChartMill assigns a Technical Rating to every stock. The score ranges from 0 to 10 and is determined by evaluating multiple technical indicators and properties.

Taking everything into account, ADM scores 10 out of 10 in our technical rating. 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. On top of that, ADM also shows a nice and consistent pattern of rising prices.
  • ADM is one of the better performing stocks in the Food Products industry, it outperforms 96% of 101 stocks in the same industry.
  • 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.

Why is NYSE:ADM a setup?

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. We see reduced volatility while prices have been consolidating in the most recent period. 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.

Trading setups like NYSE:ADM

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.

Our Breakout analyzer lists more breakout setups and is updated daily.

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