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

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Caterpillar Inc (NYSE:CAT) based on the price action in the company's shares. Yesterday's price range of $145.46 and $146.99 is within the prior day'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 Inc 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 Inc has overhead space with shares priced $146.37, or 15.1% below the average consensus analyst price target of $172.48. The stock should find initial support at its 50-day moving average (MA) of $140.01 and further support at its 200-day MA of $132.26.

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.

In the past 52 weeks, shares of Caterpillar Inc have traded between a low of $111.75 and a high of $148.47 and closed yesterday at $146.37, which is 31% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.1% while the 200-day MA has remained constant.

SmarTrend is tracking the current trend status for Caterpillar Inc and will alert subscribers who have CAT in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle caterpillar inc

Ticker(s): CAT