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Caterpillar Inc., Murrey Analysis

9/19/2022 3:42 PM

At the end of last month, shares of Caterpillar Inc. reached the upper limit of Murrey's trading range at 200.00 ([8/8]) but failed to break above it and resumed their decline as part of the medium-term downtrend. Currently, the quotes are close to the central level of the trading range at 175.00 ([4/8]), which is seen as the key "bearish" level: its breakdown will give the prospect of a further decline to 168.75 ([3/8]) and 162.50 ([2/8]). The pivotal level 187.50 ([6/8]), supported by the middle line of Bollinger bands, is the key "bullish" level, consolidation above it may cause a resumption of price growth to 200.00 ([8/8]), 206.25 ([+1/8]), 212.50 ([+2/8]).

Technical indicators point to the continuation of the downward trend: Bollinger bands and Stochastic are directed downwards, while the MACD histogram is stable in the negative zone.

Resistance levels: 187.50, 200.00, 206.25, 212.50. | Support levels: 175.00, 168.75, 162.50.

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