Solid News
Caterpillar Inc., Technical Analysis
8/2/2022 11:46 AMThe shares of Caterpillar Inc., a global manufacturer of construction and mining equipment, are trading within a global corrective trend, around 194.00.
On the daily chart of the asset, a global Expanding formation pattern with dynamic boundaries of 165.00–250.00 is forming, within which an upward wave with the target near the resistance line around 250.00 develops.
A reversal has formed on the four-hour chart, and there is no doubt that the upward dynamics will continue. Since the current wave is the seventh, the probability of quotes going beyond the lower border of the pattern around 165.00 is extremely small.
It is confirmed by technical indicators that have reversed and are holding a stable buy signal: fast EMAs on the Alligator indicator crossed the signal line and began to expand the range of fluctuations, and the AO oscillator histogram is forming new bars in the buy zone.
