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Stock Picks – Deere & Company-DE

November 30, 2009  |   By Sam Collins, Chief Technical Analyst, InvestorPlace

 

Deere & Company (DE) – This manufacturer of agricultural equipment, and construction and forestry vehicles fell from a bull market high above $90 in April 2008, to less than $25 in March 2009.    

DE Chart 

Chart Legend

I last commented on this stock on Feb. 3, by drawing attention to it at $35.

Since then, it made a new low, but quickly sprang back and established a consolidation within one of the most followed bull market formations in modern times — the cup-and-handle. 

On Nov. 17, DE broke cleanly from the formation with a technical target between $65 and $70. 

Deere is recommended as a four-star S&P “buy” with a target price of $65.

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