Solid News

Caterpillar Inc., Technical Analysis

9/7/2022 12:44 PM

Shares of Caterpillar Inc., a global manufacturer of construction and mining equipment, are correcting around 180.00.

On the daily chart of the asset, a global Expanding formation pattern is forming with dynamic boundaries 165.00–245.00, within which another wave develops, the local target for which can be set at 167.00.

On the four-hour chart, it is clearly seen that the reversal is already complete, and the quotes will continue to move downward towards the lower border of the pattern after breaking the low of February 24 around 179.00.

Technical indicators have reversed and keep a stable sell signal: indicator Alligator’s EMA oscillation range began to expand, and the AO oscillator histogram is forming new downward bars in the sell zone.

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