The foodstuffs-processing company beat earnings estimates by $0.18 per share this morning, sending its shares through long-standing resistance at the $32.50 area. ADM is off its session high of $33.25 but still up 6.49 percent to $32.83 this afternoon.
Two consecutive closes above that $32.50 resistance level would be a strong indicator of a breakout and higher prices to come. In that case, a reasonable upside target would be $34, where ADM would encounter another area of resistance. Beyond that level, shares could reach between $37 and $38 as shown on the two-year chart below.
(Chart courtesy of tradeMONSTER)
