Deere & Company’s Shares Fall Ahead of Earnings Report
Deere & Company is gearing to report its earnings for the quarter ending April 2016. Due to recent strength and momentum in the greenback, the company’s turnover has been dragged down, mainly in business sectors such as agriculture, construction and forestry. The earnings are forecast to come in with at and EPS of $1.46, down 39% from the EPS for the same period in 2015. On the hourly chart, the stock (DE) is on track to fall from the resistance of 84.95 formed on May 11. A smaller-than-average reading on the RSI (14) indicates that the bear is overwhelming, creating strong down-ward pressure on the price chart. DE is expected to fall further and retest the support of 81.70.
Sell at 82.23, Stop loss at 82.50, Take profit at 81.82