Archer Daniels Midland Co. (ADM) continues to act well as a proxy for an extremely oversold and battered agricultural commodity complex. Although the DBA (PowerShares DB Agricultural Commodity ETF) is pulling back today, ADM is doing the opposite. It has hurdled near-term resistance at 24.00/05, and followed through to 24.64 so far this morning. My next upside target is 25.30/50, on the way to 26.00. Only a decline that breaks and sustains beneath 23.90 will begin to compromise today's upside breakout, while a decline that breaks 23.40 will invalidate the breakout altogether.



Mike Paulenoff is a 26-year veteran of the financial markets and author of MPTrader.com, a real-time diary of his technical chart analysis and trading alerts on all major markets. For more of Mike Paulenoff, sign up for a free 15-Day trial to his MPTrader Diary by clicking here.