DE dominated by bulls lifting the market higher throughout the day
Deere & Company (DE) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, DE ended the month 3.31% higher at 157.15 after gaining $3.44 (2.24%) today, outperforming the S&P 500 (1.54%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Monday's high at 153.96, the stock confirmed its breakout through the prior session high after trading up to $4.29 above it intraday.
Daily Candlestick Chart (DE as at Jun 30, 2020):
Tuesday's trading range has been $6.13 (4.01%), that's above the last trading month's daily average range of $4.84. Things look different on the weekly timeframe, where the market's trading range of the last week has been below the market's average weekly trading range. The longer-term, monthly volatility is currently strongly lower than usual for DE.
One bullish candlestick pattern matches today's price action, the White Candle.
The share managed to close back above the 20-day moving average at 156.96 for the first time since June 17th. When this moving average was crossed above the last time on May 18th, DE actually lost -1.27% on the following trading day.
The market shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "2 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for Deere &. Out of 317 times, DE closed higher 56.78% 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 55.52% with an average market move of 0.51%.