DE closes lower for the 3rd day in a row
Deere & Company (DE) Technical Analysis Report for Jun 24, 2020 | by Techniquant Editorial Team
Moving lower for the 3rd day in a row, DE finished Wednesday at 150.49 losing $3.47 (-2.25%), but still slightly outperforming the S&P 500 (-2.59%). Today's close at 150.49 marks the lowest recorded closing price since June 1st.
Daily Candlestick Chart (DE as at Jun 24, 2020):
Wednesday's trading range has been $3.55 (2.34%), that's below the last trading month's daily average range of $4.58. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently significantly lower than usual for DE.
Prices are trading close to the key technical support level at 147.13 (S1).
The market shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
As prices are trading close to June's low at 147.40, downside momentum might accelerate should Deere & mark new lows for the month.
Among the two market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Gap Down" stand out. While it is usually interpreted as bearish, it has actually shown to be bullish for Deere &. Out of 115 times, DE closed higher 59.13% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 62.61% with an average market move of 1.41%.