Daily Stock Report

Archer-Daniels-Midland Company - (ADM) - January 27, 2022

Archer Daniels Midland (ADM), an agricultural commodity trading and storage company, recently returned to the Green Favored Zone of the SIA S&P 500 Index Report and has climbed to its highest level since 2009 after spending most of the last 13 years stuck in the red zone. Yesterday, ADM finished in 61st place, up 37 spots on the day and up 143 positions in the last month. 

A major breakout is underway in Archer Daniels Midland (ADM) shares. Having successfully retested their 50-day moving average as support on Tuesday, the shares gapped up then broke out to a new all-time high on high volume, indicating a surge in investor interest. This breakout confirms the recent completion of a bullish Ascending Triangle pattern and signals the start of a new advance. 

Measured moves from previous trading ranges suggest potential upside resistance tests near $78.00, $80.25, and $84.00 on trend. Initial support appears at the 50-day moving average near $66.00. 

Archer Daniels Midland (ADM) shares spend six years stuck in a sideways trading range. Since they finally broke out in the fall of 2020, they haven’t looked back, continually climbing in an upward trend of advances and bullish pattern breakouts separated by small corrections that bottomed out at consistently higher lows. The latest advance started back in September and has been confirmed this month with a bullish Double Top breakout and the shares rallying to new all-time highs. 

Upside resistance tests appear near $81.50, then $91.80 based on horizontal and vertical counts. Initial support appears near $65.35 based on a 3-box reversal. 

With a perfect SMAX score of 10, ADM is exhibiting strength across the asset classes.  

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