My near- and intermediate-term work indicates that Archer Daniels Midland (NYSE: ADM) is preparing to thrust to the upside into a new recovery upleg that should propel prices to 31.25/50 and possibly to 32.50.

Yesterday's pullback low at 29.80 has the right look of a completed minor correction ahead of upside continuation of the advance that started at 28.53 (Nov 3) and that hit an initial peak at 30.40 (Dec 3).

As long as 29.80 remains a viable pullback low, my preferred bullish scenario should be approaching fast.

 

Mike Paulenoff is a 26-year veteran of the financial markets and author of MPTrader.com.