Close to the 200 Day Moving Average: Deere

Published on Friday, 06 July 2012 05:32 Written by TradersHuddle Wire

New York, July 6th (TradersHuddle.com) -Deere & Company (NYSE:DE) closed the trading session at $81.98 near its 200 day moving average set at $78.15. Deere's price action is just above this key support level, grabbing traders' attention for a possible trading opportunity.

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.

The latest price action range, defined by a peaks and troughs algorithm, places calculated support at $73.75 and resistance at $77.99. These levels will provide insight for the stock's latest price dynamics.

Traders wanting to establish a position on Deere will look for evidence of buying near the 200 day moving average, before opening the position as close as possible to this key technical level. Also, they need to consider the latest range defined by the calculated support and resistance levels for insights on other key levels that might have an effect on future price movements.