Another "buy the dip" trading idea! 😁

NYSE:CAT   Caterpillar, Inc
Another “buy the dip” trade, just like our idea on DE. The principle is exactly the same, but with a few more details.

We have a rounded bottom, and the RSI is extremely divergent, indicating a possible rally.

In the 4h chart, the RSI is at 23, and we did break the BB today, but we closed inside it in the end. Like this wasn’t enough, we are above a support at 216 area.

A rally could make it hit the 231, but CAT must do the movement quickly, or it’ll lose momentum. It must not lose the 216 again, or it might keep dropping.

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I got in i am still red but i do think it will go very high soon.
+1 Reply
Melissa_Amana bishubisoy
@bishubisoy, Nice! So far we have a congestion. Soon it'll explode :)
Good call. I don’t think its long yet, but there might be some short-term bullish action.I’ll put this in my watchlist.
+1 Reply
Melissa_Amana SimplyShowMeTheMoney
@SimplyShowMeTheMoney, u are right in playing cautious here. Take care, mate, and thanks for the support!
Excellent find! I’m on it since Thursday and today got in again near the low. 3, 4h and daily are overdone and need to breath again :-). See you at 222+ hopefully tomorrow. Good luck!
+1 Reply
@lkdahleh, Nice! I agree 100% with u here. Good luck to you too, mate! TY for the support :)
and now? we are at you think it is overvalued and it will continou dropping?
Melissa_Amana silvia5544
@silvia5544, it lost the 216, which we mentioned it shouldn't lose. This made the stock drop more. But if this is an exhaustion bar, we must see a bullish candlestick in the 4h chart strong enough to deny the bearish one. Now, I would say it is the time to wait another sign.