Deere (DE) Just Overtook the 20-Day Moving Average

After reaching an important support level, Deere (DE) could be a good stock pick from a technical perspective. DE surpassed resistance at the 20-day moving average, suggesting a short-term bullish trend.

The 20-day simple moving average is a popular trading tool. It provides a look back at a stock's price over a 20-day period, and is beneficial to short-term traders since it smooths out price fluctuations and provides more trend reversal signals than longer-term moving averages.

Like other SMAs, if a stock's price is moving above the 20-day, the trend is considered positive. When the price falls below the moving average, it can signal a downward trend.

Shares of DE have been moving higher over the past four weeks, up 6.5%. Plus, the company is currently a Zacks Rank #2 (Buy) stock, suggesting that DE could be poised for a continued surge.

The bullish case solidifies once investors consider DE's positive earnings estimate revisions. No estimate has gone lower in the past two months for the current fiscal year, compared to 9 higher, while the consensus estimate has increased too.

Investors may want to watch DE for more gains in the near future given the company's key technical level and positive earnings estimate revisions.

Zacks Names "Single Best Pick to Double"

From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.

You know this company from its past glory days, but few would expect that it's poised for a monster turnaround. Fresh from a successful repositioning and flush with A-list celeb endorsements, it could rival or surpass other recent Zacks' Stocks Set to Double like Boston Beer Company which shot up +143.0% in a little more than 9 months and Nvidia which boomed +175.9% in one year.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.