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

By Amy Schwartz

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 $83.74 and $84.12 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.

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.

Deere (NYSE:DE) is currently priced 8.7% above its average consensus analyst price target of $76.75. The stock should find initial support at its 50-day moving average (MA) of $80.91 and further support at its 200-day MA of $80.09.

Over the past year, Deere has traded in a range of $70.16 to $98.23 and is now at $84.02, 20% above that low. The 200-day and 50-day moving averages have moved 0.34% lower and 0.49% higher over the past week, respectively.

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

Keywords: bullish inside day candle Deere

Ticker(s): DE