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Relative Strength Ag Machinery Leader Forming Bull Flag

by | Oct 23, 2024

Deere (DE) shares of the farm equipment name are showing solid relative strength since the August bottom was made and now forming a tightly coiled squeeze pattern as the bull flag sits on monthly value area and nearing a break above 410 for a move towards 435 where it still has an untested VPOC from last year. The all-time highs just above that at 450 so really not far off that level even with Ag markets being softer this year and now starting to see potential of a bottom in corn prices. DE recently saw Nov $430 calls bought 500x at $9.40 which are still holding in OI and up 70% now.

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