CAT has formed a descending triangle since the high in JAN'18 , but also has been trading inside a descending parallel channel since thenNow after last week ER that was actually rather weak, the stock has found some strength and is trying to breakout from the almost 2 year downtrend
MACD positive and histogram green for the past 2 weeks and rising , RSI around 58 with plenty space upwards (remember is weekly chart we are charting)
Look for either RETEST and/or WEEKLY CLOSE above the descending line in order to participate
Targets:
T1 - measured move from the mirror parallel channel is around 168.94
T2 - measured move from the triangle breakout is around 200.08
Good luck,
TA
Trade closed: stop reached
No chance with the current economic conditions generated by the pandemicTA
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.