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Frank started market timing in 1982 when the Federal Reserve cut interest rates and sparked the 1980’s bull rally. Realizing that this rally could have been forecasted, he began to search for indicators which had similar forecasting ability. Within a year, his first newsletter was launched,... More
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  • Breakout Ahead For Archer Daniels Midland (NYSE: ADM) 0 comments
    Mar 13, 2013 6:15 PM | about stocks: ADM

    March 14, 2013 (by Frank Kollar)

    It was exactly one month ago that we wrote about Archer Daniels Midland (NYSE: 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.

    Chart Courtesy of StockCharts.com

    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.

    The Fibtimer.com (http://www.fibtimer.com) Stock Timing Strategy does have a position in Archer Daniels Midlands.

    Disclosure: I am long ADM.

    Stocks: ADM
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