Is Deere Expecting Resistance?
Published on Sunday, 22 July 2012 11:00 Written by TradersHuddle Wire
New York, July 22nd (TradersHuddle.com) - Deere & Company (NYSE:DE) closed the the trading session at $75.88, near its 50 day and 200 day moving averages currently set at $76.10 and $78.68 respectively. Deere's price action places the stock below these important levels, which makes it difficult to be bought, as it will certainly face resistance as it approaches these important moving averages.
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, placed calculated support at $74.14 and resistance at $82.46. Traders should monitor these levels, as they provide insight into the latest price dynamics in Deere.
If traders want to establish a position on Deere, given the heavy resistance expected near the 50 and 200 day moving averages, a trade might be evident as the stock manages to break these moving averages. However, until the break materializes buying the stock is nothing different than flipping a coin.
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