Current Sentiment: Long term Bearish
Support 1: 124.00 Resistance 1: 141.35
Support 2: 116.16 Resistance 2: 154.00
Support 3: 112.31 Resistance 3: 159.37
Caterpillar’s price movement has entered into a bearish 5 wave triangle but the technical factors indicates that there is a potential to enter long once price closes above 130.00 .
*This bullish trade is a risky trade as it is trading against the dominant trend which is bearish. Should the price break the ((d)) leg wave, the whole triangle wave count will be invalidated.
Red line = 200 period moving average, Blue line = 50 period moving average, Green line = 22 period moving average