Caterpillar Inc Stock Forecast
Caterpillar Inc stock upgraded to Hold/Accumulate.
(Updated on May 07, 2024)
The Caterpillar Inc stock price gained 0.85% on the last trading day (Tuesday, 7th May 2024), rising from $342.10 to $345.00. It has now gained 4 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 1.50% from a day low at $343.40 to a day high of $348.54. The price has risen in 7 of the last 10 days but is still down by -5.02% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 396 thousand more shares were traded than the day before. In total, 2 million shares were bought and sold for approximately $629.79 million.
The stock lies in the lower part of a wide and strong rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $333.57 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the stock is expected to rise 10.75% during the next 3 months and, with a 90% probability hold a price between $369.43 and $435.31 at the end of this 3-month period.
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CAT Signals & Forecast
A buy signal was issued from a pivot bottom point on Wednesday, May 01, 2024, and so far it has risen 4.21%. Further rise is indicated until a new top pivot has been found. Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Caterpillar Inc stock holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at $357.72. On a fall, the stock will find some support from the short-term average at $339.25. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for Caterpillar Inc stock
Caterpillar Inc finds support from accumulated volume at $343.38 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $5.15 between high and low, or 1.50%. For the last week, the stock has had daily average volatility of 1.75%.
Our recommended stop-loss: $328.39 (-4.81%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 4 days ago.)
Trading Expectations (CAT) For The Upcoming Trading Day Of Wednesday 8th
For the upcoming trading day on Wednesday, 8th we expect Caterpillar Inc to open at $345.65, and during the day (based on 14 day Average True Range), to move between $335.94 and $354.06, which gives a possible trading interval of +/-$9.06 (+/-2.63%) up or down from last closing price. If Caterpillar Inc takes out the full calculated possible swing range there will be an estimated 5.25% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $343.38 (0.47%) than the resistance at $346.97 (0.57%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Caterpillar Inc stock A Buy?
Caterpillar Inc holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Hold/Accumulate candidate.
Current score: -0.095 Hold/Accumulate Upgraded
Predicted Opening Price for Caterpillar Inc of Wednesday, May 8, 2024
| Fair opening price May 8, 2024 | Current price |
|---|---|
| $345.65 ( 0.187%) | $345.00 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CAT
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 350.79 | 1.68 % | |
| R2 | 348.82 | 1.11 % | ||
| R1 | 347.61 | 0.757 % | ||
| Current price: | 345.00 | |||
| Support | S1 | 343.68 | -0.383 % | |
| S2 | 342.47 | -0.735 % | ||
| S3 | 340.50 | -1.30 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 364.56 | 5.67 % | |
| R2 | 363.52 | 5.37 % | ||
| R1 | 346.97 | 0.571 % | ||
| Current price | 345.00 | |||
| Support | S1 | 343.38 | -0.470% | |
| S2 | 338.00 | -2.03% | ||
| S3 | 334.57 | -3.02% |
CAT Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Apr 10, 2024 | Apr 19, 2024 | May 20, 2024 | $1.30 | 0.377% |
| 2 | Dec 13, 2023 | Jan 19, 2024 | Feb 20, 2024 | $1.30 | 0.414% |
| 3 | Oct 20, 2023 | Oct 20, 2023 | Nov 20, 2023 | $1.30 | 0.519% |
| 4 | Jun 14, 2023 | Jul 20, 2023 | Aug 18, 2023 | $1.30 | 0.475% |
| 5 | Jun 14, 2023 | Jul 19, 2023 | Aug 18, 2023 | $1.30 | 0.475% |
FAQ
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