CAT pushes through 50-day moving average

Caterpillar Inc. (CAT) Technical Analysis Report for Apr 16, 2018

Highlights

CAT closes above its opening price after recovering from early selling pressure
CAT finds buyers at key support level
CAT pushes through 50-day moving average
CAT fails to close above 100-day moving average
CAT closes higher for the 3rd day in a row

TQ Sentiment

Report Sentiment: 33% Bullish
Technical Forecast:

Overview

Moving higher for the 3rd day in a row, CAT finished Monday at 152.14 gaining $1.91 (1.27%) on low volume. Today's closing price of 152.14 marks the highest close since March 21st. Trading up to $1.46 lower after the open, Caterpillar managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the previous day's range, prices failed to decisively move past the prior day's trading range in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for CAT

Volatility

Monday's trading range was $3.14 (2.07%), that's below last trading month's daily average range of $4.25. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly below average.

Support/Resistance

After trading as low as 150.28 during the day, the stock bounced off the key support level at 151.31. The failure to close below the support might increase that levels importance as support going forward. After having been unable to move above 152.91 in the previous session, the market ran into sellers again around the same price level today, failing to move higher than 153.42. After spiking up to 153.42 during the day, the share found resistance at the 100-day moving average at 152.98.

Trend

CAT shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish. Caterpillar managed to break above the 50-day moving average at 152.02 today for the first time since February 22nd.

Order Flow

Further buying could move prices higher should the market test March's nearby high at 159.34.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being very bullish.

Market Conditions for Caterpillar Inc.

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Latest Report:

CAT rallies 1.95% closing $2.85 higher

Sep 18, 2018
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