• 11 months ago
Carter Worth of Worth Charting questions whether or not Deere starts to falter at this level.

Deere has returned to the June high and Carter is a seller here.

Carter says investors should take action here and should not just sit and watch.

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Transcript
00:00 Industrial size gains for some industrial names recently deer and cat up double digits over the past month, but can this run continue?
00:07 Let's go off the charts with the chart master Carter Braxton worth of worth charting Carter. What are you looking at?
00:12 well, let's look at the sector first XLI the spider for the
00:18 Entire sector SMB 500 and then look at the earth. So what do we know?
00:22 We know where it bounce it bounce to the penny off of that trend line or what you would call a level of support
00:29 Which is the pre-kovat high the second iteration really tells the story though
00:34 Look at this where we bounce to we've bounced right to the downtrend line
00:39 That's been in effect since the high on the second chart. And so the question is does this start to falter here?
00:47 That's my thinking. It's the definition of a rally to a difficult level
00:50 But deer itself has been even sort of more dynamic and therefore more of a rally to a difficult level
00:58 Now you can talk about a megaphone doesn't matter whether you call your pattern ahead and shoulder to cup and handle
01:04 That's all for selling books. What it is though is a rally to a difficult level
01:10 That is where overhead supply comes into play and if we zero in on the here-and-now chart, you'll see it next
01:16 We've returned quite precisely to the June high
01:20 So just finally look at the percentages you plunge
01:25 23 24 percent from the June high not from the all-time high of course and then return to it
01:31 This is where sellers emerge from above and people who bought well just two three weeks ago
01:37 Emerge from below looking to in principle book
01:40 Profits and so I'm a seller here right calls against you're long in a minimum
01:45 But do something don't just ride the ride usually when you're feeling comfortable that it's all free blue skies. It's something happens
01:53 Carter these are specifically sort of the construction the equipment names that you're focusing in on but in terms of industrials more broadly
02:00 Do you see similar charts for others a Honeywell?
02:03 GE you name it
02:06 Well things like eating and Emerson have bounced a lot, but then they're industrials like GE. They're very depressed and
02:12 Upside but I think that XLI chart really tells the tale where where industrials found their footing and how much they've bounced now
02:22 Day two as I agree it as a theme. I think are good trend candidates all right Carter good to see you. Thank you

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