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

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Deere (NYSE:DE) based on the price action in the company's shares. Today's price range of $78.20 and $78.47 is within yesterday'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 may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Based on a current price of $78.26, Deere is currently 1.9% above its average consensus analyst price target of $76.75. The stock should run into initial resistance at its 200-day moving average (MA) of $80.09 and subsequent resistance at its 50-day MA of $80.91.

Deere & Company manufactures and distributes a range of agricultural, construction and 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.

Over the past year, Deere has traded in a range of $70.16 to $98.23 and is now at $78.26, 12% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.5% while the 200-day MA has slid 0.3%.

SmarTrend is tracking the current trend status for Deere and will alert subscribers who have DE in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish inside day candle Deere

Ticker(s): DE