Deere (DE) Just Reclaimed the 200-Day Moving Average
From a technical perspective, Deere (DE) is looking like an interesting pick, as it just reached a key level of support. DE recently overtook the 200-day moving average, and this suggests a long-term bullish trend.
The 200-day simple moving average is widely-used by traders and analysts, and helps establish market trends for stocks, commodities, indexes, and other financial instruments over the long term. The indicator moves higher or lower together with longer-term price moves, serving as a support or resistance level.
DE has rallied 6% over the past four weeks, and the company is a Zacks Rank #2 (Buy) at the moment. This combination suggests DE could be on the verge of another move higher.
The bullish case solidifies once investors consider DE's positive earnings estimate revisions. No estimate has gone lower in the past two months for the current fiscal year, compared to 1 higher, while the consensus estimate has increased too.
Given this move in earnings estimate revisions and the positive technical factor, investors may want to keep their eye on DE for more gains in the near future.
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