DE Deere weekly short idea
Deere recently reported earnings causing sellers to step in last week for a -6% rejection on an attempted box breakout.
In my opinion, Deere looks like distribution and at the very least, should continue to see more downside in the coming weeks - Typically after a failed breakout price should retest lower box support or $327 zone.
With Russia / Ukraine, CPI and Fed rate hike head winds, I like the R/R on a short trade here.
I'm in APR $350 Puts with -25% premium stop, target is $327 zone.
In my opinion, Deere looks like distribution and at the very least, should continue to see more downside in the coming weeks - Typically after a failed breakout price should retest lower box support or $327 zone.
With Russia / Ukraine, CPI and Fed rate hike head winds, I like the R/R on a short trade here.
I'm in APR $350 Puts with -25% premium stop, target is $327 zone.
Penafian
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