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Caterpillar Inc., Technical Analysis

11/28/2022 10:39 AM

Shares of Caterpillar Inc., a global manufacturer of construction and mining equipment, are moving within a global corrective trend at 235.00.

On the daily chart, a global Expanding formation pattern with dynamic boundaries of 145.00–240.00 is forming, within which the price has almost formed another wave of growth and is now consolidating near the resistance line around 240.00.

On the four-hour time interval, there is a downward reversal, which confirms the development of a narrow corridor 225.00–240.00. Thus, the continuation of the downward dynamics is now the most likely scenario.

Technical indicators began to actively slow down their buy signal: fast EMAs on the Alligator indicator narrow the range of fluctuations, and the AO oscillator histogram forms downward bars, falling in the buy zone.

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