CAT is coiling big time in the monthly a huge move out of the wedge must be in the cards soon
I initiated Tier 1 size long at $83.50. Might add a bit more depending on the close today. Risk is roughly 1-1.5% (below today's low) and reward should be roughly 6-7% (recent pre-earnings gap high) *Bullish breakout isnt confirmed yet. I am cheating to the long side.
Possible short trade as price is trapped and doing a rolling pin action between the purple sliding parallel and near the median line.
Daily view. Very nice trading range over the last few months. One to keep on radar
A stellar performer in the 4th quarter. Will this year be the same?
This is an outlook based on short covering at an important pivot level. For further information about my trading style, live trading videos and analyses, subscribe to my YouTube Channel: bit.ly
Price has been compressed in a range for a long time now (i.e. breakout either way should be explosive). Good risk-reward setup.
Highlighting Key Areas
Bearish Harmonic Pattern and downward trend line with overbought conditions slowly appearing
If you believe that worldwide economic conditions only get better from here, then CAT should do well