Caterpillar: new bullish technical picture, watch today closing

Caterpillar marked a series of 4 consecutive higher highs and the fifth consecutive positive trading session. watch today closing.

Caterpillar stock Wednesday, November 9 closing price was at 91.2 (+7.70%). Marked a series of 4 consecutive higher highs and the fifth consecutive positive trading session. New bullish technical picture drawn on daily chart (high2 < high1, high1 < high, low2 < low1, low1 < low, close > close1, close1 > close2), we suggest to watch today closing. The main trend is up on the daily chart, the bulls are in control. The positive values of many leading oscillators confirm the upward trend.
caterpillar today closing

View the interactive chart on ProRealTime.com

Simple Moving Average (SMA)
Caterpillar stock quote is above the 14 days moving average (SMA value is 84.13). The short term view is therefore bullish, however for today trading session we can’t exclude drops towards the most significant support levels.
Volumes
Daily chart shows a significant increase in volumes compared to the previous day. This could be a sign of a significant move to come.


Support and Resistance levels
7, 15 and 30 trading days Performance. Support, Resistance and Pivot Point levels. Last updated closing price: 09/11/2016.

Performance: 7 trading days= +2.68% – 15 trading days= +2.22% – 30 trading days= -1.86%

Resistance levels: R1= 93.15 – R2= 95.09 – R3= 98.93
Pivot Point: 91.25
Support levels: S1= 89.31 – S2= 87.41 – S3= 83.57


Buying opportunity above 91.40, targets minor resistance at 92.53 and perhaps as far as strong resistance at 93.32, where sellers could regain control. Above that level it could trigger an acceleration to the upside with the next target at 95.34.

Selling opportunity below 90.67, targets minor support at 89.55 and perhaps as far as strong support at 88.77, where buyers could get back into the market. Below that level we could expect a bearish downward movement with the next target at 86.80.