Technical analysis

Caterpillar Wave Analysis – 6 February 2023

• Caterpillar reversed from support level 243.30

• Likely to rise to resistance level 260.00

Caterpillar recently reversed up from the key support level 243.30, which also earlier stopped the minor correction (iv) in the middle of January.

The upward reversal from the support level 243.30 created the daily Bullish Engulfing – which stopped the earlier minor correction 2.

Given the predominant uptrend, Caterpillar can be expected to rise further toward the next resistance level 260.00 (former top of wave (iii) from last month).

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