Farm equipment producer Deere & Co (DE) has been climbing up the rankings in the SIA S&P 500 Index Report since December and recently reached its highest ranking since May of 2021. Yesterday, DE finished in 36th place, up 4 spots on the day and up 22 positions in the last month.
Since March of 2021, Deere (DE) shares had been stuck in a sideways channel trading between $325.00 and $400.00, consolidating gains made in a previous advance. Since a successful retest of $325.00 support, the shares have been bouncing back. Yesterday, they blasted through $400.00 to a new all-time high, confirming that accumulation has resumed and signaling the start of a new upleg within a larger upward trend.
A measured move from the recent range suggests initial potential resistance near $475.00, followed by the $500.00 round number. Initial support has moved up toward $375.00 from $360.00.
A major breakout is underway in Deere (DE) shares. For nearly a year the shares had been trending sideways, digesting a big high pole advance that took place over late 2020 and early 2021. This week the shares have broken through the top of this range, completing a bullish Spread Quadruple Top pattern and then cleared the $400.00 round number, signaling and confirming the start of a new advance.
Based on horizontal counts, next potential upside resistance tests appear near $456.55, $504.10, and $524.45 on trend. Initial support appears near $374.55 based on a 3-box reversal.
With a bullish SMAX score of 9, DE is exhibiting strength against the asset classes.
Disclaimer: SIACharts Inc. specifically represents that it does not give investment advice or advocate the purchase or sale of any security or investment whatsoever. This information has been prepared without regard to any particular investors investment objectives, financial situation, and needs. None of the information contained in this document constitutes an offer to sell or the solicitation of an offer to buy any security or other investment or an offer to provide investment services of any kind. As such, advisors and their clients should not act on any recommendation (express or implied) or information in this report without obtaining specific advice in relation to their accounts and should not rely on information herein as the primary basis for their investment decisions. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. SIACharts Inc. nor its third party content providers make any representations or warranties or take any responsibility as to the accuracy or completeness of any recommendation or information contained herein and shall not be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. Any statements nonfactual in nature constitute only current opinions, which are subject to change without notice.