The industrial sector is in demand. Stock Idea 06/02/2024
Heavy equipment manufacturer Caterpillar Inc. reported adjusted earnings per share of 5.23 USD for Q4 2023. The company's revenue amounted to 17.07 billion USD, with sales particularly robust in North America. Stocks of industrial sector companies like Caterpillar are now in demand. Following such a strong report, Caterpillar shares updated their all-time highs.
So, today, we suggest looking at the Caterpillar Inc. (NYSE: CAT) stock chart.
On the D1 timeframe, support has developed at 299.93, but resistance still needs to be formed. There is a high probability of a corrective decline in quotes to the 305.73 level, which previously served as resistance.
On the H1 timeframe, a rebound from the 305.74 level could set a short-term target for a price increase at 334.00, while in the medium term, it could hover around 350.00.
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Ideas and other content presented on this page should not be considered as guidance for trading or an investment advice. RoboMarkets bears no responsibility for trading results based on trading opinions described in these analytical reviews.
The material presented and the information contained herein is for information purposes only and in no way should be considered as the provision of investment advice for the purposes of Investment Firms Law L. 87(I)/2017 of the Republic of Cyprus or any other form of personal advice or recommendation, which relates to certain types of transactions with certain types of financial instruments.
Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 66.02% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
So, today, we suggest looking at the Caterpillar Inc. (NYSE: CAT) stock chart.
On the D1 timeframe, support has developed at 299.93, but resistance still needs to be formed. There is a high probability of a corrective decline in quotes to the 305.73 level, which previously served as resistance.
On the H1 timeframe, a rebound from the 305.74 level could set a short-term target for a price increase at 334.00, while in the medium term, it could hover around 350.00.
—
Ideas and other content presented on this page should not be considered as guidance for trading or an investment advice. RoboMarkets bears no responsibility for trading results based on trading opinions described in these analytical reviews.
The material presented and the information contained herein is for information purposes only and in no way should be considered as the provision of investment advice for the purposes of Investment Firms Law L. 87(I)/2017 of the Republic of Cyprus or any other form of personal advice or recommendation, which relates to certain types of transactions with certain types of financial instruments.
Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 66.02% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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