CATERPILLAR INC.: TECHNICAL ANALYSIS
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | BUY STOP |
| Entry Point | 350.05 |
| Take Profit | 379.00 |
| Stop Loss | 340.00 |
| Key Levels | 308.00, 337.00, 350.05, 379.00 |
| Alternative scenario | |
|---|---|
| Recommendation | SELL STOP |
| Entry Point | 336.95 |
| Take Profit | 308.00 |
| Stop Loss | 345.00 |
| Key Levels | 308.00, 337.00, 350.05, 379.00 |
Shares of Caterpillar Inc., a manufacturer of construction and mining equipment, are trading in a correction trend at 345.00.
On the daily chart, the price is approaching the resistance line of the downward channel with dynamic boundaries of 350.00–303.00.
On the four-hour chart, the potential for further growth is increasing: yesterday, the quotes reached a high of 345.00 and may soon overcome the resistance level of 350.00.
Technical indicators have given a buy signal: fast EMA on the Alligator indicator have crossed the signal line upwards, expanding the range of fluctuations, and the AO histogram is forming correction bars above the transition level.
Trading tips
Long positions may be opened after the price rises and consolidates above 350.00, with the target at 379.00. Stop loss — 340.00. Implementation period: 7 days or more.
Short positions may be opened after the price declines and consolidates below 337.00, with the target at 308.00. Stop loss — 345.00.
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