Caterpillar relinquishes gains - Analysis - 29-05-2020

Economies.com
2020-05-29 12:27PM UTC

Caterpillar's stock slid 1.37% in the last session away from a session-high at 124.52, as traders collect profits while the stock gathers momentum to help it rise anew, with the stock steadying above the support of 118.95, representing the ratio 50% of Fibonacci retracement levels for a descending wave in the short term (150.46 to 100.01), with support from the 50-day SMA.

 

Therefore we expect the stock to return higher, targeting the next resistance at 126.32, representing the ratio 61.8%. 

 

Expected trend for today: Bullish 

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