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Possible Bullish Inside Day Candle Pattern Detected for Deere & Co (NYSE:DE)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Deere & Co (NYSE:DE) based on the price action in the company's shares. Yesterday's price range of $166.45 and $167.24 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Traders and investors interested in shares of Deere & Co may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Deere & Co (NYSE:DE) has potential upside of 10.7% based on a current price of $165.10 and analysts' consensus price target of $182.72. The stock should hit resistance at its 50-day moving average (MA) of $170.69, as well as support at its 200-day MA of $163.63.

Deere & Company manufactures and distributes a range of agricultural, construction, forestry, and commercial and consumer equipment. The Company supplies replacement parts for its own products and for those of other manufacturers. Deere also provides product and parts financing services. Deere and Company extends its services and products worldwide.

Deere & Co share prices have moved between a 52-week high of $180.48 and a 52-week low of $132.68 and closed yesterday at 24% above that low price at $165.10 per share. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has remained constant.

SmarTrend is monitoring the recent change of momentum in Deere & Co. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Deere & Co in search of a potential trend change.

Keywords: bullish am inside day candle deere & co

Ticker(s): DE