Breakout Ahead For Archer Daniels Midland
Frank Kollar | Mar 14, 2013 01:10AM ET
It was exactly one month ago that we wrote about Archer Daniels Midland (ADM). Shares had just broken above our first target at $30.54 and we were looking for higher highs ahead.
ADM did continue to rally, reaching $33.00 a share before succumbing to a round of profit-taking. Prices dipped to below $32 and share in late February but have been rising since, closing on Wednesday, March 13th at $32.93.
If shares make a decisive close above $33.00, look for a continued advance to $34.00 a share. That was where the last major rally stalled back in May, 2012.
But old highs are there to be tested and sometimes broken. If ADM can close above $34.00 a share, the next target is all the way up at $36.59 a share.
This has been a strong advance for ADM and we are looking for resistance levels to continue to be broken as this bull market continues.
Disclosure: The Fibtimer.com Stock Timing Strategy does have a position in Archer Daniels Midlands.
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