So you bought Deere (DE) because of Warren Buffett. What now? Panic! Why? Because the stock retraced a bit off the Buffett bump? While that sounds like a dance (and it probably should be), it is a pretty common occurrence when a stock gets a push because a rather successful and large manager has taken a position.
The thing about this is timeframe. If you are following Buffett into anything, your timeframe better be focused on a sundial. And it should be a sundial you have to travel thousands of miles, followed by a hike up a mountain in very difficult conditions, just to see. Unless you were simply trying to play a one-day momentum trade, from which you should already be out, then the gap lower today should be of absolutely no concern.
If you want to look at a chart on this one, then the only chart I would even bother consulting is the monthly look at Deere. I have to say it is a pretty attractive chart. After a big push from 2009 through the beginning of 2011, Deere has been consolidating in a bullish wedge. We have a series of higher lows with a top in place between $92 and $93.
The RSI has remained over 50 since late 2009, except for a brief dip below in the early autumn of 2011. But overall, it supports a bullish thesis. One also could use a monthly close under $84 as a stop. Even if you have a long timeframe, the monthly chart provides a clear stopping price -- which isn't all that far down, given the big run the stock has seen since 2009.
If DE can get a monthly close over the $93 price, I would expect a quick run to $100 with a follow through to $115 after some pause at the century mark.
If you are following Buffett here, then the technicals shouldn't matter much to you nor should the price after the first few days, or even the first few months. This is about timeframe, something Bob Byrne and I discuss frequently.
This shouldn't even be a discussion or a question. But if you are asking yourself '"what now?", then this is likely a name with which you should not be involved. Because you either don't understand your own thesis or simply do not have one.