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Bearish Patterns Appear in this Industrial Giant

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Caterpillar was a top pick among investors for the rebound last year. But now the chart is showing several bearish patterns.

First is the string of lower highs over the last five weeks. CAT held support around $200 during that time, resulting in a potential descending triangle. Friday, interestingly, was the first …

For more, please click here to view the related idea and chart analysis on TradingView.

Caterpillar (CAT), daily chart with selected patterns, courtesy of TradingView.

About the author

David Russell
David Russell is VP of Market Intelligence at TradeStation Group. Drawing on two decades of experience as a financial journalist and analyst, his background includes equities, emerging markets, fixed-income and derivatives. He previously worked at Bloomberg News, CNBC and E*TRADE Financial. Russell systematically reviews countless global financial headlines and indicators in search of broad tradable trends that present opportunities repeatedly over time. Customers can expect him to keep them apprised of sector leadership, relative strength and the big stories – especially those overlooked by other commentators. He’s also a big fan of generating leverage with options to limit capital at risk.

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