Daily Stock Report

Deere & Co. - (DE) - March 18, 2022

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.  

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