ADM Rebound Opportunity
ADM is coming down to the 1st Fib retracement level and it's major trendline from the March 2020 lows. RSI on the Daily is showing bullish divergence and the MACD is starting to curl upwards. This could be a good swing trade. I will buy around 59.72 as the Algos like to take out stop losses just below the trendline. Bearish scenario would be a break below 58.5 and this would take this down to the 2nd FIb retracement level.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.