Deere (DE-N) surged from US$106.14 in 2020 (not shown) to US$400.34 in 2021 (A) and then settled in a multi-year trading range mostly between US$325 and US$450 (dashed lines). The stock dipped briefly below this range in 2022 (B) but quickly resumed trading within the horizontal range.
For about one year, while still trading within the trading range, Deere ran into resistance near US$420 (dotted line); the recent bullish surge above this level and above the top of the long-term trading range suggests a major breakout and the start of a new up-leg (C). A sustained rise above US$450 would confirm it. Only a sustained decline below US$400 would cancel the current upside potential.
Point & Figure measurements provide an initial target of US$525. The large trading range (dashed lines) supports significantly higher targets.
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Monica Rizk is the Senior Technical Analyst of the Phases & Cycles publication (www.capitalightresearch.com). Chart source: www.decisionplus.com