October 31, 2017
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.
October 30, 2017
This morning, leading casino and resort stock, Las Vegas Sands Corp (NYSE:LVS), is declining lower by 0.79 to $60.93 a share. Last week, the casino giant reported earnings and the stock declined lower on the news. Traders should note that LVS stock is now trading below the important 50-day moving average. Anytime a stock trades below its 50-day moving average it is often viewed as a weak technical position for the equity. Traders must now watch the $56.75 level for major chart support. This is where the stock was defended in May 2017 before rallying to new highs. Often, when stocks backtest a major support level it will serve as important support again when retested. It looks like a good bet to own LVS stock around the $56.75 area.