Troubled waters ahead for Caterpillar?The GoNoGo Chart of Caterpillar Inc, is an interesting one. The trend is a “Go”, but is experiencing some signs of weakness.
Having failed at resistance around $140, the GoNoGo Trend is painting the paler bars of a slightly less *bullish environment.
In the GoNoGo Oscillator panel, we see that there has been *bearish divergence and that now the oscillator is breaking below zero accompanied by heavy volume.
We’ll be keeping an eye on CAT to see if it can maintain its “Go” trend.
What are the GoNoGo Indicators?
The GoNoGo Trend indicator blends traditional trend concepts to color price action according to the strength of its trend. The colors range from *bright blue (strongly *bullish) to dark *purple (strongly *bearish)
The GoNoGo Oscillator blends traditional *momentum concepts to demonstrate the velocity of price action. The oscillator ranges from -6 (extremely *oversold) to +6 (extremely *overbought)