Downtrend Broken Resist.Archive
- 1/8/2021 -
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|It was a second positive week after 3 consecutive negative weeks for the Archer-Daniels-Midland (ADM). During the week, the ADM gained 2.16 points, or 4.28%, and closed at 52.57 on Friday, January 8, 2021. It was the best weekly gain since October 9, 2020. ADM was trading at average weekly trading volume. |
Long-term trend: [See ADM long-term trend chart]
A long-term downtrend had started on October 8, 2018 at 52.07 and reached 28.92 on March 23, 2020. ADM lost 23.15 points, or 44.46%, in 76 weeks. The chart has formed a Broadening Descending Wedge chart pattern. The downtrend resistance line (19.23) is broken. Usually a broken resistance is considered to be a long-term bullish signal, but since daily indicators are overbought a short-term pull back is possible. ADM may retest the broken resistance line. It is considered to be a support line now. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with broken trend resistance line in a long-term trend.
Medium-term trend: [See ADM medium-term trend chart]
A medium-term uptrend had started on March 23, 2020 at 28.92 and reached 53.57 on January 6, 2021. ADM gained -24.65 points, or -85.24%, in 41 weeks. The chart has formed a Rising Channel chart pattern. The trend support level is at 50.83 and resistance is at 57.33. A Rising Channel represents price movement contained between parallel lower (support) and upper (resistance) trend lines. Trading Channeling stocks is one of the most reliable and accurate trading techniques that provide traders with precise entry and exit points as well as stop-losses and take-profit recommendations. Use the following link to access a Rising Channel chart pattern help, or use a Technical Stock Screener to see the list of stocks with Rising Channel pattern in a medium-term trend.
Weekly Technical Indicators: [See ADM weekly technical indicators chart]
Weekly Williams' Percentage Range is strongly overbought. Use the Technical Stock Screener to see the list of stocks with strongly overbought weekly overbought Williams' Percentage Range. Oscillators are designed to signal a possible trend reversal. They can act as alerts and should be taken in conjunction with other technical analysis tools. Oscillators can be used to confirm other technical signals. Use the following link to access Williams' Percentage Range help.
The weekly MACD line is below its signal line since December 11, 2020. The distance between MACD and the signal line is low and getting smaller. Use the following link to access a MACD help.
Short-term trend: [See ADM short-term trend chart]
A short-term uptrend had started on January 5, 2021 at 51.16 and reached 53.57 on January 6, 2021. ADM gained -2.41 points, or -4.71%, in 1 days. The price is now at the 41.49% retracement level.
Daily Technical Indicators: [See ADM daily technical indicators chart]
Daily Williams' Percentage Range is overbought. Use the Technical Stock Screener to see the list of stocks with overbought daily Williams' Percentage Range.
The daily MACD line is above its signal line since December 29, 2020. This is an indication that the short-term trend is up.