Farmers & Merchants Bancorp Inc

FMAO is in a Stage 2 advance within a long-term uptrend, pulling back to key EMAs and holding a higher low before resuming upward structure. While the Bullish Exhaustion candle indicates waning momentum at recent highs, the medium-term bias remains bullish as price consistently tracks above rising 9/21 EMAs and the 50 DMA. Short-term timing is favorable with price bouncing off the EMAs support zone and no clear overbought exhaustion. We will Buy Now on this pullback into the EMA support area, anticipating a continuation of the advance.

• ↑Earnings yield 1.38 and book-to-price 1.44 imply undervaluation
• ↑Quarterly dividend raised 5.9% to $0.36/share, yield 0.76%
• ↓Director sold >$600K stock, dampening confidence