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TMCNet:  Caterpillar (CAT) Breaks Through Support at $84.42

[November 13, 2012]

Caterpillar (CAT) Breaks Through Support at $84.42

Nov 13, 2012 (SmarTrend(R) News Watch via COMTEX) -- Shares of Caterpillar (NYSE:CAT) have bearishly opened below the pivot of $84.99 today and have reached the first support level of $84.42. Should the shares continue to fall, the support pivots of $83.65 and $82.31 will be of interest.


Potential upside of 50.5% exists for Caterpillar, based on a current level of $84.83 and analysts' average consensus price target of $127.69. Caterpillar shares should first meet resistance at the 50-day moving average (MA) of $86.55 and find additional resistance at the 200-day MA of $95.01.

Over the past year, Caterpillar has traded in a range of $78.25 to $116.95 and is now at $84.83, 8% above that low. Over the past week, the 200-day moving average (MA) has gone down 0.3% while the 50-day MA has declined 0.2%.

SmarTrend is monitoring the recent change of momentum in Caterpillar. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Caterpillar in search of a potential trend change.

Write to Chip Brian at cbrian@mysmartrend.com --------------------------------------------------------------------------------------------- SmarTrend analyzes over 5,000 securities simultaneously throughout the trading day and provides its subscribers with trend change alerts in real time. To get a free trial of our trading calls and maximize your trading results, please visit http://www.MySmarTrend.com Get exclusive, actionable insight into how the market is expected to trend prior to market open with our free morning newsletter. Sign up at: http://www.MySmarTrend.com/signup

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