Agriculture giant Archer-Daniels-Midland (NYSE:ADM) is declining sharply lower after posting earnings below analysts estimates. ADM is trading down by more than 5% 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.
Support To Watch
ADM's next major support level is around $36, a level from which the stock surged higher in April 2016. This chart level should be supported by the institutional crowd when it is retested. Needless to say, further downside should be in the cards for ADM in the coming weeks.