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SEMINAR ON TRADING USING
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02/11/00 Caterpillar Inc (CAT)
Points to watch: Caterpillar's
slide is accelerating. The stock peaked in April 1999 and has moved
steadily lower since. Two weeks ago the stock broke below a long
term up-trend line which had provided support on 6 occasions over the past
5 years. Yesterday CAT broke below its September 1997 lows to its
lowest levels since January 1997, ending the day down 1.07 at 38.06 after
hitting an intraday low of 37.63. Yesterday's low tested support at
37-37.5, a level which had acted as support in April 1997 and provided
resistance in November 1996. There is additional support at
36.75. Long and short term indicators have confirmed the stock's
recent lows and all major indicators continue to deteriorate.
A sell, or sell short signal would be
given if the stock fails to hold support at 36.75, with downside support
after a break at 30.5-31, 28.4, and 26.7. Resistance is at 42 and
43.8. |
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