Catepillar Wave Analysis – 23 January, 2020

• Catepillar reversed from support area
• Likely to rise to 144.00

Catepillar recently reversed up from the support area lying between the key support level 140.00 (former multi-month resistance from last July), lower daily Bollinger Band and the 38.2% Fibonacci correction of the previous upward impulse (i) from October.

The upward reversal from this support area stopped the previous short-term impulse wave (c).

Catepillar is likely to rise further toward the next resistance level 144.00 (former strong support from the end of December).