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

By David Diaz

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 $146.54 and $147.00 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. 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.

Caterpillar Inc (NYSE:CAT) has potential upside of 16.8% based on a current price of $147.68 and analysts' consensus price target of $172.48. The stock should discover initial support at its 50-day moving average (MA) of $145.07 and subsequent support at its 200-day MA of $133.30.

Caterpillar Inc share prices have moved between a 52-week high of $149.96 and a 52-week low of $111.75 and closed yesterday at 32% above that low price at $147.68 per share. Over the past week, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has advanced 0.5%.

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

Keywords: bullish am inside day candle caterpillar inc

Ticker(s): CAT