CAT Long-term outlook

Series of upgrade enjoyed by CAT, the company, got three upgrades in just three months, and it brings the share prices to new record high in September. UBS is the latest institution which grants CAT an upgrade. The share price target lifted from $116 to $140. UBS analyst Steven Fisher noted reacceleration in non-residential construction should help drive growth in the fourth quarter and 2018

Construction demand and possible future infrastructure plan by President Trump should support CAT to reach a new high.

Click here To look at March CAT analysis

New Month

Monthly chart

CAT bull is unstoppable as the share prices hit new record high blasted above previous record high. There is no top seen yet and base on the Fibonacci extension level, and CAT might be able to move higher toward $153.96. Traders who are looking for the long position might want to see price reaction near the broken high at $117.3.

Weekly chart

There is no difference in the weekly chart trend. The share prices should continue higher, and the level $117.00 – $117.3 will provide support.

Daily chart

Traders could skip the daily chart of CAT as the outlook is the same as the weekly and monthly chart. There is no entry opportunity yet, and it is better to wait until the share prices make a ¶downward correction.

Trade plan

A long position could be taken near $117.00 – $117.30 when the share prices form a bullish pattern.

Short position might need to wait until the share prices hit major level such as $130.00, $135.00, $140.00