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Caterpillar Inc., Technical Analysis

1/13/2023 10:02 AM

Shares of Caterpillar Inc., a global manufacturer of construction and mining equipment, are trading in a global corrective trend at 255.00.

On the daily chart of the asset, the price left the Expanding formation pattern with dynamic boundaries of 155.00–250.00, consolidating at 251.00.

On the four-hour chart of the asset, it can be seen that the potential for continued growth has increased significantly, and the nearest serious resistance for quotes is the initial trend of 61.8% of the Fibonacci extension around 273.80. If the asset returns to the pattern, the probability of a downward correction will increase, but for this, it needs to break the level of 245.00 again.

Technical indicators keep a stable buy signal: fast EMAs on the Alligator indicator expand the range of fluctuations, being above the signal line, and the AO oscillator histogram forms rising bars in the buying zone.

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