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CATERPILLAR INC.: TECHNICAL ANALYSIS

amking
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CATERPILLAR INC.: TECHNICAL ANALYSIS
Scenario
TimeframeWeekly
RecommendationBUY STOP
Entry Point346.70
Take Profit368.10
Stop Loss340.00
Key Levels310.60, 315.00, 327.90, 335.00, 340.00, 347.00, 368.00, 368.10
Alternative scenario
RecommendationSELL STOP
Entry Point327.90
Take Profit310.60
Stop Loss332.00
Key Levels310.60, 315.00, 327.90, 335.00, 340.00, 347.00, 368.00, 368.10

Shares of Caterpillar Inc., a manufacturer of construction and mining equipment, are trading in a global corrective trend at 335.00.

On the daily chart, the price stays within the ascending channel 347.00–315.00.

On the four-hour chart, the potential for further growth remains high, and consolidation above the initial trend level of 61.8% of the Fibonacci extension 346.00 will allow the quotes to grow to the basic trend level of 100.0% of the Fibonacci extension at 368.00.

Technical indicators maintain a buy signal against a correction: fast EMAs on the Alligator indicator are above the signal line, and the AO histogram forms corrective bars above the transition level.

CATERPILLAR INC.: TECHNICAL ANALYSIS

Trading tips

Long positions may be opened after the price rises and consolidates above 346.70 with the target at 368.10. Stop loss is above the current price of 340.00. Implementation period: 7 days or more.

Short positions may be opened after the price declines and consolidates below 327.90 with the target at 310.60. Stop loss – 332.00.


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