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Possible Bullish Inside Day Candle Pattern Detected for Caterpillar (NYSE:CAT)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Caterpillar (NYSE:CAT) based on the price action in the company's shares. Today's price range of $91.47 and $92.43 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Traders and investors interested in shares of Caterpillar may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Caterpillar (NYSE:CAT) has potential upside of 7.0% based on a current price of $91.47 and analysts' consensus price target of $97.90. Caterpillar shares have support at the 50-day moving average (MA) of $74.96 and additional support at the 200-day MA of $71.11.

Caterpillar Inc. designs, manufactures, and markets construction, mining, agricultural, and forestry machinery. The Company also manufactures engines and other related parts for its equipment, and offers financing and insurance. Caterpillar distributes its products through a worldwide organization of dealers.

In the past 52 weeks, Caterpillar share prices have been bracketed by a low of $56.36 and a high of $99.46 and are now at $91.47, 62% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has advanced 1.0%.

SmarTrend is monitoring the recent change of momentum in Caterpillar. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Caterpillar in search of a potential trend change.

Keywords: bullish inside day candle Caterpillar

Ticker(s): CAT