Trading Idea - Deere Breaking Out?

Published on Wednesday, 04 January 2012 05:36 Written by TradersHuddle Staff

New York, January 4th (TradersHuddle.com) - Shares of Deere & Company (NYSE:DE) closed the trading session at $79.31 just above calculated resistance at $78.83 effectively breaking out, grabbing the attention of momentum traders, which could eventually push the stock to different trading range

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 stock was trading in a well defined range with support at $73.23 and resistance at $78.83, given that this range was broken traders will be closely monitoring the stock