Bears Appeared - Deere

Published on Friday, 10 February 2012 09:06 Written by TradersHuddle Wire

New York, February 10th (TradersHuddle.com) - Shares of Deere & Company (NYSE:DE) ended the trading session lower by $0.57 or -0.64% from its previous close. Deere's price action formed what is considered to be a bearish engulfing candlestick chart pattern.

Deere & Company (NYSE:DE) manufactures and distributes farm equipment and related service parts used in construction, earthmoving, material handling and timber harvesting. It also provides financing to dealers of new and used agricultural, commercial and consumer, construction and forestry equipment.

Deere's current stock range is defined by calculated support defined at $73.23 and by the resistance level at $88.89, which should be used by traders planning their trades.

Traders wanting to establish a position in Deere stock need to pay close attention at the bearish engulfing pattern, since it could mark a trend reversal to current Deere shares price action. The Bearish engulfing pattern is a leading warning sign, therefore traders should closely monitor price action for indications of a trend reversal. Below an Engulfing Bearish Candle Illustration: