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After Yesterday's Rally of 1.16% Shares Could Potentially Pullback

By Amy Schwartz

Caterpillar (NYSE:CAT) traded in a range yesterday that spanned from a low of $82.96 to a high of $84.09. Yesterday, the shares gained 1.2%, which took the trading range above the 3-day high of $83.78 on volume of 1.3 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.

In the past 52 weeks, Caterpillar share prices have been bracketed by a low of $56.36 and a high of $89.62 and are now at $83.93, 49% 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 on July 12th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $79.12. Since that recommendation, shares of Caterpillar have risen 4.9%. We continue to monitor CAT for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: rebounders Caterpillar

Ticker(s): CAT