Today, shares of Caterpillar (NYSE:CAT) have advanced above their 10-day MA of $87.74 on a volume of 4.5 million shares. This may provide short-term investors a chance for a long position, as such a crossover often suggests higher prices in the near term.Potential upside of 49.3% exists for Caterpillar, based on a current level of $88.13 and analysts' average consensus price target of $131.56. The stock should find initial resistance at its 200-day moving average (MA) of $96.67 and further resistance at its 50-day MA of $98.87. GL
What's your take on the major resistance at this point? Sort of broke it today, but not a definite multi-point breakout above it. I still see the 50 DMA coming down toward the 200. Might be the next crossover to watch out for if we get a few more heavy sell off days. At that point, might just get a full collapse down to 11k again.