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Deere (DE) Crossed Above the 200-Day Moving Average: What That Means for Investors
Deere (DE - Free Report) reached a significant support level, and could be a good pick for investors from a technical perspective. Recently, DE broke through the 200-day moving average, which suggests a long-term bullish trend.
The 200-day simple moving average is a useful tool for traders and analysts, establishing market trends for stocks, commodities, indexes, and other financial instruments over the long term. The marker moves higher or lower along with longer-term price moves, and serves as a support or resistance level.
Over the past four weeks, DE has gained 9.8%. The company is currently ranked a Zacks Rank #3 (Hold), another strong indication the stock could move even higher.
The bullish case only gets stronger once investors take into account DE's positive earnings estimate revisions. There have been 14 higher compared to none lower for the current fiscal year, and the consensus estimate has moved up as well.
With a winning combination of earnings estimate revisions and hitting a key technical level, investors should keep their eye on DE for more gains in the near future.