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Caterpillar Inc., Murrey Analysis

12/7/2022 3:55 PM

Shares of Caterpillar Inc., a global construction and mining equipment manufacturer, have been trading in an upward trend for the third month but have recently attempted to change it.

Last month, the price entered the range of 237.50–225.00 ([5/8]–[6/8]), where it is now, trying to consolidate below the middle line of Bollinger bands and start testing 225.00 ([6/8]), after consolidation below which the decline may continue up to the central level of Murrey's trading range around 200.00 ([4/8]). The key “bullish” level is 237.00 ([7/8]), and its breakout will give rise to 250.00 ([8/8]) and 262.50 ([+1/8]).

Technical indicators reflect a continuation of the decline: Bollinger bands are moving to a horizontal movement after the growth, Stochastic is pointing down, and the MACD is decreasing in the positive zone.

Resistance levels: 237.50, 250.00, 262.50. | Support levels: 225.00, 212.50, 200.00.

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