| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | SELL STOP |
| Entry Point | 335.90 |
| Take Profit | 320.31, 312.50 |
| Stop Loss | 341.00 |
| Key Levels | 312.50, 320.31, 335.94, 359.38, 375.00, 382.81 |
| Alternative scenario | |
|---|---|
| Recommendation | BUY STOP |
| Entry Point | 359.40 |
| Take Profit | 375.00, 382.81 |
| Stop Loss | 350.00 |
| Key Levels | 312.50, 320.31, 335.94, 359.38, 375.00, 382.81 |
Current trend
Shares of Caterpillar Inc., a manufacturer of construction and mining equipment, resumed their decline after a short-term correction to the medium-term downtrend.
Last week, the price reached the four-month high of 367.19 (Murrey level [7/8]) but could not consolidate higher. It returned to the negative part of the Murrey trading range to test 335.94 (Murrey level [3/8]), supported by the middle line of Bollinger Bands. After consolidation below, it may reach the area of 320.31 (Murrey level [1/8]), and 312.50 (Murrey level [0/8]). In case of a breakout of 359.38 (Murrey level [6/8]), growth to the upper limit of the trading range of 375.00 (Murrey level [8/8]) and into the reversal zone to 382.81 (Murrey level [ 1/8]) may follow.
Technical indicators do not give a single signal: Bollinger bands are directed upward, the MACD histogram is decreasing in the positive zone, and Stochastic is approaching the oversold zone.
Support and resistance
Resistance levels: 359.38, 375.00, 382.81.
Support levels: 335.94, 320.31, 312.50.
Trading tips
Short positions may be opened below 335.94, with the targets at 320.31, 312.50 and stop loss 341.00. Implementation period: 5–7 days.
Long positions may be opened above 359.38, with the targets at 375.00, 382.81, and stop loss 350.00.
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