Caterpillar (CAT) broke out on earnings today. Let's look at the chart. This chart absolutely launched above resistance. The SCTR soared to 93, the Relative Strength pushed to new 4-month highs.
This chart looks very strong. Finning (FTT.TO) is the world's largest Caterpillar dealers in the world. This chart has only pulled back from $27 to $23. Today looks like solid confirmation of CAT's breakout.
Nice to see the confirmation. This uptrend looks like it is resuming.
Good trading,
Greg Schnell, CMT, MFTA.
About the author:
Greg Schnell, CMT, MFTA is Chief Technical Analyst at Osprey Strategic specializing in intermarket and commodities analysis. He is also the co-author of Stock Charts For Dummies (Wiley, 2018). Based in Calgary, Greg is a board member of the Canadian Society of Technical Analysts (CSTA) and the chairman of the CSTA Calgary chapter. He is an active member of both the CMT Association and the International Federation of Technical Analysts (IFTA).
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