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Watch for Continued Gains in Shares of Caterpillar Inc (CAT)

By James Quinn

Shares of Caterpillar Inc (NYSE:CAT) traded today at $118.29, breaking its 52-week high. This new high was reached on below average trading volume as 689,000 shares traded hands, while the average 30-day volume is approximately 5.5 million shares.

Caterpillar Inc. designs, manufactures, and markets construction, mining, 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.

Based on a current price of $118.25, Caterpillar Inc is currently 5.9% above its average consensus analyst price target of $111.22. Caterpillar Inc shares have support at the 50-day moving average (MA) of $74.96 and additional support at the 200-day MA of $71.11.

In the past 52 weeks, shares of Caterpillar Inc have traded between a low of $70.53 and a high of $118.29 and are now at $118.25, which is 68% 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 recommended that subscribers consider buying shares of Caterpillar Inc on April 10th, 2017 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $96.99. Since that recommendation, shares of Caterpillar Inc have risen 21.2%. We continue to monitor CAT for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: 52 week high/lows caterpillar inc

Ticker(s): CAT