Close to the 50 Day - Archer Daniels Midland

Published on Thursday, 15 July 2010 06:16 Written by Christian Paolinetti

New York, July 15th (TradersHuddle.com) - Shares of Archer Daniels Midland Company (NYSE:ADM) closed the trading day at $26.90 close to its 50 day moving average currently set at $26.11. Archer Daniels Midland's price action is just above this important support level translating into a trading opportunity.

Archer Daniels Midland Company (NYSE:ADM) procures, transports, stores, processes, and merchandises agricultural commodities and products. The Company processes oilseeds, corn, milo, oats, barley, peanuts, and wheat.

Looking at peaks and troughs horizontal support and resistance levels, we can see current calculated support at $25.02 and calculated resistance at $27.25. These levels should also be evaluated by traders when planning their trades, as they provide an insight into the latest price action.

Traders wanting to establish a position on Archer Daniels Midland will be looking at the price action for evidence of buying near the 50 day moving average, and opening a position as close as possible to this important level. Also traders will be looking at the latest price action, via the stocks current range previously defined for insights of other key levels that might affect their upside or downside.