Deere Plowing Straight Towards a Sinkhole

Deere & Co. (DE – NYSE)

Thursday, August 08, 2013

Deere & Co. (DE – NYSE) reports on August 14th.

But before I get into my forecast, I have to confess that I drive a John Deere tractor when I work on Seven Oaks Farm, and it does everything I ask of it.

Bessie starts and runs in hot and cold weather, and pulls, pushes, plows and cuts year round. She ought to — she certainly costs enough to buy and maintain!

And therein lies the problem. On the one side, companies like India’s Mahindra & Mahindra are seeing an open window to come in and bust on DE with cheaper pricing.

And on the other hand, William Blair’s analysts just cut DE from “market perform” to “underperform,” citing deteriorating fundamentals for U.S. farmers.

Sounds to us like a tough row to hoe...

DE 080813

Bottarelli Research Tip: DE is stuck in a descending parabolic curve. The previous two touches at the top line of the curve resulted in fall offs of -14.4% and -15.4%. The current drop should see DE drop to the 50% retracement marker at $76.07, with a good chance of a follow-on move to the 61.8% marker at $71.66.

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Thursday, 8 August 2013