Agricultural giant Archer-Daniels-Midland Co. ( ADM) has been declining in the past few weeks. Let's check out the charts for clues as the company is set to report earnings Thursday. 
In this daily bar chart of ADM, below, I can see that prices have struggled in the $95-$100 area. Prices have weakened in December and January and now trade below the declining 50-day moving average line and below the declining 200-day line. Trading volume looks like it has picked up the past two months and tells me that traders are voting with their feet.
The On-Balance-Volume (OBV) line has weakened from early November. The math tells me that sellers of ADM are being more aggressive than buyers. The Moving Average Convergence Divergence (MACD) oscillator is bearish.
In this weekly Japanese candlestick chart of ADM, below, I see a potential top pattern. Prices have made twin peaks in 2022 in the $95-$100 area. Prices have declined below the cresting 40-week moving average line. The OBV line shows a high in April and a lower high now even though prices made equal highs. This is a category of bearish divergences. Another bearish divergence can be seen on the MACD oscillator which has made a lower high when prices made equal highs. The candles show some rejection of prices below $85 but this "support" may not hold.
In this daily Point and Figure chart of ADM, below, I can see a potential downside price target in the $72 area.
In this weekly Point and Figure chart of ADM, below, I see a nearby downside price target of $82.
Bottom line strategy: I have no special knowledge of what ADM is going to tell shareholders on Thursday but the charts suggest that further declines are possible. Avoid the long side of ADM for now.
