Can $ADM hold support and move higher from here?

2 ก.ย. 2022

Notes:
* Very strong up trend on all time frames
* Good earnings in the recent quarters
* Basing for the past ~6 months
* Coming up on the right side of its base
* Recently broke back above a key level around ~$87.2 and has been holding this level as support with higher than average volume
* Printed an inside day with higher than average volume
* Bouncing off of its 20EMA

Technicals:
Sector: Consumer Defensive - Farm Products
Relative Strength vs. Sector: 2.78
Relative Strength vs. SP500: 1.55
U/D Ratio: 1.81
Base Depth: 37.27%
Distance from breakout buy point: -10.61%
Volume 22.31% above its 15 day avg.

Trade Idea:
* You can enter now as the price is bouncing off of its 20EMA and a key support level around $87.2
* If you want a better entry you can look to enter around $87.2 or if it pulls back closer to the 20EMA

* This stock usually has local tops when the price closes around 12.92% above its 50 EMA
* Consider selling into strength if the price closes 12.72% to 13.12% (or higher) above its 50 EMA
* The last closing price is 4.89% away from its 50 EMA