I just posted a CAT long idea. (check my profile for context on that)
I mentioned a breakdown but didn't draw it out so decided to make another post (this one).
I'm looking out for both options.
CAT has strong fundamentals and i can't imagine it getting absolutely wrecked, even in worsening economic conditions.
Wedge formed, looking for some retest of previous levels.
Especially if overall market strength continues to go as it has currently been going.
If it breaks down, I don't see CAT going much lower.
A large descending wedge or megaphone has been broken out of.
I expect sideways but partial bullish results as shown by the bars pattern in green.
Strongest trend line is the thick green line, price may retest this line.
Channel is speculation.
This doesn't look good on any time frame really imo. Monthly could be double topping at 1.618 extension. Daily just had its lowest close since the earnings gap up last October. If this is a double top, I expect this to eventually hit sub $140.
Caterpillar is at site, working on wave (2) in magenta, which should lead further downwards into the magenta-colored zone between $198.40 and $171.37. From there, the share should turn upwards again, climbing above the resistance at $266.04. However, there is a 34% chance that Caterpillar could slip through the magenta-colored zone and drop below the support at...
NYSE:CAT is in a range and has reacted aggressively from the bottom of the range.
Buyers got in with volume and with power. We also have a good spot for our SL and a decet 2.33R/R
CAT has bounced nicely off support of $215 ish 6 times and the moving averages are crossing upward. I would expect some buying support in coming days with new moon phase. CAT resistance $234 which it hit this morning, cloud resistance around $245 and overhead resistance of $247, if it breaks above all these we have a 52 week high to break through of $266
imho CAT is the best benchmark stock to track cycle throughs ahead. In line with my view of a nearest major bottom sometime in Oct-Nov 2023. Upside should be expected until 2026-2027. Next major bottom is in 2030-2031.
CAT follows my China/Macau Recovery Theme and it's too expensive for me to run an options trade. CAT similar to LVS, was showing independent price movement from the broad market drops we have seen starting on the 15 Feb.
Increasing Annual Rev
Increasing Quarterly Rev
1.62% Short Interest
CAT - looking at CAT I was seeing it hit the top of a channel but when put together with Deere it makes me wonder if it is just being a tortoise here.
This is for me to track in the near future as the markets change.
Thanks
So far 200DMA provided support. The 200DMA is also 50% fib retracement. However there is a gap at $200 that needs filling. My guess is it could fill that gap.
Just watching for now.
CAT is now bottoming for a SALE just in time for seasonal construction and agricultural upticks.
The long view is a long uptrend that started in September and ended with a lousy earnings report in
early February. The beatdown is now ending perhaps for fundamental reasons including CAT
has cash and down not need high-interest rate costs.
See the chart for...
Zoomed in on daily.
Last trading day Fri 17 Feb 2023, we wicked right off the C.E. of the rejection block and the upper level of the daily bearish breaker.
Currently sitting right at the C.E. of the daily bearish breaker. Want to see us move towards the lower half of the breaker and trade through it, attacking the sellside liquidity at the RELs.
![CAT: [CAT] - Daily - Short](https://s3.tradingview.com/z/Z7O8YRyC_mid.png "[CAT] - Daily - Short")
