Archer Daniels Midland Co (NYSE:ADM) Fails To Sprout After Earnings

This morning, leading agriculture stock, Archer Daniels Midland Co (NYSE:ADM), is declining sharply lower after posting earnings below analysts estimates. ADM stock is trading down by more than 5.0 percent to $40.55 a share. Traders and investors should now note the bearish monthly chart pattern that has formed. This formation indicates lower stock prices ahead for ADM shares. The next major support level for this stock is around the $36.00 area. This level was where the stock surged higher in April 2016. This chart level should be supported by the institutional crown when it is retested. Needless to say, further downside should be in the cards for ADM stock in the coming weeks. 

Nicholas Santiago
InTheMoneyStocks