• Subscribe
  • Log In
  • Home
  • Daily Diary
  • Asset Class
    • U.S. Equity
    • Fixed Income
    • Global Equity
    • Commodities
    • Currencies
  • Sector
    • Basic Materials
    • Consumer Discretionary
    • Consumer Staples
    • Energy
    • Financial Services
    • Healthcare
    • Industrials
    • Real Estate
    • Technology
    • Telecom Services
    • Transportation
    • Utilities
  • Latest
    • Articles
    • Video
    • Columnist Conversations
    • Best Ideas
    • Stock of the Day
  • Street Notes
  • Authors
    • Bruce Kamich
    • Doug Kass
    • Jim "Rev Shark" DePorre
    • Helene Meisler
    • Jonathan Heller
    • - See All -
  • Options
  • RMPIA
  • Switch Product
    • Action Alerts PLUS
    • Quant Ratings
    • Real Money
    • Real Money Pro
    • Retirement
    • Stocks Under $10
    • TheStreet
    • Top Stocks
    • TheStreet Smarts
  1. Home
  2. / Investing
  3. / Stocks

Are Traders Expecting Strong Numbers From Deere?

The shares are up sharply, so let's check out the charts.
By BRUCE KAMICH
Feb 08, 2022 | 01:10 PM EST
Stocks quotes in this article: DE

Deere & Company (DE) is not anticipated to report earnings until Feb. 18 before the opening of trading that day. However, the shares are up sharply Tuesday and are "knocking on" an upside breakout.

We looked at DE on Jan. 5 and wrote that "Aggressive traders could go long DE at current levels risking to $345 this time. Our price targets for now are $405 and then $483."

In light of today's trading action, let's check out the charts again.

In the updated daily bar chart of DE, below, we can see that the shares have made a large saucer-like pattern going back the past nine months. A "neckline" could be drawn across the highs from early May and prices are testing that neckline now. Interestingly, DE has made higher lows since October when the broad market averages have been particularly weak. DE is trading above the rising 50-day moving average line and the flat 200-day line.

The On-Balance-Volume (OBV) line declined to early January but has since turned upwards telling us that buyers of DE are being more aggressive than sellers. The Moving Average Convergence Divergence (MACD) oscillator is above the zero line and close to an upside crossover and new buy signal.

 
In the weekly Japanese candlestick chart of DE, below, we see a bullish setup. Prices are in a longer-term uptrend. DE trades above the flat 40-week moving average line.
 
The weekly OBV line is positive and the MACD oscillator has recently turned upwards to a new buy signal.
 
 
In this daily Point and Figure chart of DE, below, we can see an upside price target of $439. A trade at $392 will be a new high for the move up on this chart and should refresh the uptrend.
 
 
In this weekly Point and Figure chart of DE, below, we can see a longer-term price target of $495.
 
 
Bottom-line strategy: Traders should still be long DE from our earlier recommendation as our $345 stop was not reached. Continue to hold longs and aggressive traders could add on strength above $392. Raise stops to $360 from $345. Our nearest price target is $439.

(Deere is a holding in the Action Alerts PLUS member club. Want to be alerted before AAP buys or sells DE? Learn more now.)

Get an email alert each time I write an article for Real Money. Click the "+Follow" next to my byline to this article.

Employees of TheStreet are prohibited from trading individual securities.

TAGS: Investing | Stocks | Technical Analysis | Agriculture | Industrials | Earnings Preview

More from Stocks

Rule of the Week: Don't Fight the Fed

James "Rev Shark" DePorre
Jan 30, 2023 4:33 PM EST

We've got a mix of earnings, a rate decision and nervous investors.

3 High-Yield Dividend Tech Stocks for Income Investors

Bob Ciura
Jan 30, 2023 2:35 PM EST

Now could be a very good time to capitalize on sustainable income streams from a sector where dividend income is scarce.

Checking on AMD's Stock Charts Ahead of Tuesday's Earnings

Bruce Kamich
Jan 30, 2023 2:10 PM EST

Here's what to avoid for now.

Is This Mid-Cap Oil Stock Ready to Capture Its 'Big Winner' Potential?

Bruce Kamich
Jan 30, 2023 1:29 PM EST

Here's our technical strategy for trading oil producer Denbury.

Don't Fight the Fed? What About When the Fed Is Fighting Its Own Past?

Peter Tchir
Jan 30, 2023 1:00 PM EST

The biggest risk to markets in the coming weeks is the realization that the Fed has already gone far too far, and the economy is rolling over.

Real Money's message boards are strictly for the open exchange of investment ideas among registered users. Any discussions or subjects off that topic or that do not promote this goal will be removed at the discretion of the site's moderators. Abusive, insensitive or threatening comments will not be tolerated and will be deleted. Thank you for your cooperation. If you have questions, please contact us here.

Email

CANCEL
SUBMIT

Email sent

Thank you, your email to has been sent successfully.

DONE

Oops!

We're sorry. There was a problem trying to send your email to .
Please contact customer support to let us know.

DONE

Please Join or Log In to Email Our Authors.

Email Real Money's Wall Street Pros for further analysis and insight

Already a Subscriber? Login

Columnist Conversation

  • 12:27 PM EST REAL MONEY

    LIVE EVENT: Chris Versace and "Sarge" Guilfoyle Share Their Stock Market Insights

    This Monday, Jan. 30, at 12 p.m., our very own exp...
  • 11:48 AM EST REAL MONEY

    Watch Doug Kass on the Daily Rundown!

    In today's Action Alerts PLUS Daily Rundown, Doug ...
  • 11:03 AM EST JAMES "REV SHARK" DEPORRE

    This Weekend On Real Money

    It's time to start using this power to build great...
  • See More

COLUMNIST TWEETS

  • A Twitter List by realmoney
About Privacy Terms of Use

© 1996-2023 TheStreet, Inc., 225 Liberty Street, 27th Floor, New York, NY 10281

Need Help? Contact Customer Service

Except as otherwise indicated, quotes are delayed. Quotes delayed at least 20 minutes for all exchanges. Market Data & Company fundamental data provided by FactSet. Earnings and ratings provided by Zacks. Mutual fund data provided by Valueline. ETF data provided by Lipper. Powered and implemented by FactSet Digital Solutions Group.

TheStreet Ratings updates stock ratings daily. However, if no rating change occurs, the data on this page does not update. The data does update after 90 days if no rating change occurs within that time period.

FactSet calculates the Market Cap for the basic symbol to include common shares only. Year-to-date mutual fund returns are calculated on a monthly basis by Value Line and posted mid-month.

Compare Brokers

Please Join or Log In to manage and receive alerts.

Follow Real Money's Wall Street Pros to receive real-time investing alerts

Already a Subscriber? Login