Thursday, October 11, 2012

#Caterpillar - $CAT Time to Say Good Night Irene?

Quite the chart Caterpillar ticker $CAT, is sporting. The weekly view below shows couple of things. An interesting looking double top, a very tired looking 13/34 week moving average scene and last but not least the breakdown from a recent bear flag.

The break of the bear flag brings in a target of $50.
A break of the double top low of roughly $65 brings in a target of ..... ummm, uhhh, $15.

Remember now this is a weekly chart! Time will tell. The CAT bulls will consider this talk heresy but come to think of it the Nortel bulls thought the same way years ago. Of course this time, live every other, is always different.

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