Archer-Daniels-Midland Company (ADM stock) price showed a trend reversal and witnessed a rally from the support zone of $70 in the past sessions. Moreover, ADM stock made a double bottom and attained gains showing buyer accumulation. However, the stock is trading close to the 20-day EMA but cannot sustain near the 61.8% Fib level and the supply region near $87, showing retracement in the past sessions.
For the past months, ADM stock was in a downtrend and retested the support zone at $70 and revamped from there, showing fresh buying activity in the last sessions. However, the chart structure is neutral and needs confirmation for further follow on moves. ADM stock gains momentum when stock surpasses the hurdle of $90, and then a sharp move can be seen, which will likely extend toward $100. Conversely, if stock slips below the 50-day EMA, it heads toward $75.
At press time, ADM stock price is trading at $82.51 with an intraday drop of 0.39% showing neutrality on the charts. Moreover, the trading volume increased by 0.89% to 2.101 Million, and the market cap is $44.234 Billion.
However, Analysts maintained a buy and outperform rating with a yearly target price of $98.82 suggesting a growth outlook for the upcoming sessions.
Archer-Daniels-Midland Co. produces oilseeds, corn, wheat, cocoa, and other agricultural commodities. It operates through the following segments: Ag Services and Oilseeds, Carbohydrate Solutions, Nutrition, and Other.
The Ag Services and Oilseeds segment includes activities related to the origination, merchandising, transportation, and storage of agricultural raw materials and the crushing and further processing of oilseeds such as soybeans and soft seeds cottonseed, sunflower seed, canola, rapeseed, and flaxseed into vegetable oils and protein meals.
ADM Stock Roadmap Toward $100 As Per Fib Levels On Daily Charts
ADM stock price trades near neutrality and persists in accumulating for the past sessions, indicating that a fresh initiation of the uptrend is to be caught soon. However, sellers attained a firm grip near the 61.8% Fib level at $88 and did not permit them to surpass the region.
Technical Indicators Suggest A Bullish Divergence
ADM stock price showed a trendline breakout and continued to skyrocket, extending the gains in the past sessions.
The RSI curve dragged toward the oversold region and suggested a bounce now. Moreover, it indicates a bullish divergence, a positive sign for the bulls to lead the gains toward $100 in the following sessions.
The MACD indicator showed a bearish crossover and formed red bars on the histogram. However, the crossover is near, and a price reversal can be noted soon.
ADM stock price showed strength on the charts, indicating a follow-on move toward $100, which bulls will catch in the upcoming sessions. Moreover, the chart shows a bullish divergence which suggests a positive outlook for the bulls, and investors must show their interest, and the price will skyrocket soon.
Support Levels: $80 and $75
Resistance Levels:$88 and $95
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