Caterpillar (CAT),
a heavy equipment maker, is in the process of completing the fifth
price cycle within a multi-year price upside that began in late
2002. In four of the five cycles, CAT climbed to or above the upper
boundary of the price channel and then corrected to the lower boundary
of the channel.
The stock is on the price downside with support in the mid $60
range, the lower boundary of its price channel.
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Posted October 23, 2007.
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