Deere & Company (NYSE: DE) stock price illustrates a consolidation of over three weeks near the recent support of $370. The stock persists in a short-term bearish dominance and respects a declining parallel channel pattern.
Moreover, the price trend analysis elaborates that the DE stock price witnessed a strong rally in the last quarter and surged from a low of $345 to a high of $450, thus, gaining over 25% by the end of the quarter.
However, the stock price could not continue with the same momentum and suffered selling pressure at the beginning of the current quarter which is still going on. The price is currently nearing the previous breakout zone from where bulls may try to turn the trend in their favor.
Currently, the DE stock is showing an accumulation near the recent support. The breakdown of the accumulation may further add a drawdown and the price may decline to test lower levels. Moreover, the breakout of the accumulation may add more buying volume and the price may show hikes to gain more.
DE stock’s option-chain analysis states that the current implied volatility in the market of DE is 26.22% with an increment of 0.98% in the last trading session. The at-the-money strike price has 162 open contracts on the PUT side and 137 open contracts on the CALL side indicating none of the buyers and sellers are dominating at the current level.
DE Stock Price Forecast For 2023
The average analyst price target for DE stock in 2023 is $442.83 which represents a potential downside of 16.33% from the current price. However, there is a wide range of analyst price targets between $380 to $510.
The most optimistic analysts believe that DE stock could reach $510 in 2023 indicating an upside potential of over 33.9%. If the global agriculture industry grows strongly, the price may rise.
DE Stock Price Shows Weakness Over Daily Timeframe
The overall technical indicators including the RSI and MACD signal a 88% “sell” with a strong short-term outlook on maintaining the current direction.
Conclusion
Deere & Company stock price is consolidating near the support of $370 after a strong rally in the last quarter. The price is in a bearish trend in the short term and respects a declining channel pattern. The price is near the previous breakout zone, which may act as a turning point. The option-chain analysis shows no clear dominance of buyers or sellers at the current level. The implied volatility is 26.22% with a slight increase in the last session.
Technical Levels
- Support Levels: $369.94 and $354.43
- Resistance Levels: $391.57 and $415.07
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2023/10/14/de-stock-price-analysis-can-de-stock-make-a-comeback-this-month/