Deere just succumbed to the bears, and there could be more pain ahead, experts warn $DE (via TradingNation)
"The shares have been absolutely plowed year to date," Craig Johnson, managing director and senior technical research analyst at Piper Jaffray, said Friday on CNBC's"It looks like ... the next area of support comes in around $128, so about another 7% lower than we are from these current levels."
If the stock falls to the $128 level, Johnson said he'd "look for a little bit of a relief rally at that point" as the stock bounces off that support level. He said that if he were trading the stock, he would likely sell put options — a bearish trade that anticipates the stock going lower — at the $110 or $115 level.
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