On the monthly, weekly, and daily, DE does not look good. It may seem like a Bull pennant but I believe this is a long distribution. The newest weekly close is a rejection of the top trendline. I expect it to retest the bottom of the trendline and, if the overall market is doing poorly, then DE will fail to bottom out and fall off a cliff. Price action is the biggest determinant here. The RSI, MACD, and moving averages do not suggest a bullish breakout but are more lukewarm in their current status. The newest weekly candle closing bearish is, for me, a signal that DE will now fall.
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Forgot to mention: an evening star candle has just closed on the weekly. That is another bearish reversal indicator.
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Newest weekly close suggests the evening star has been completed but it is not a full evening star. John Deere is also facing lawsuits from farmers across the USA.
Check out this video for an incredibly bearish catalyst for Deere:
"An honest conversation about John Deere with Willie Cade" by Louis Rossman on YouTube.
Long Term Bearish on Deere.
Check out this video for an incredibly bearish catalyst for Deere:
"An honest conversation about John Deere with Willie Cade" by Louis Rossman on YouTube.
Long Term Bearish on Deere.