CAT loosing strength? Potential Short Position
So CAT has been has been consolidating between this 174.50 (resistance) and 170 (support) area. It has tested the resistance multiple times and failed now seems to be loosing strength to keep testing the resistance.
Ill be looking to see if CAT begins to form a down trend in the upcoming days and starts to test the 170 level support. I think its important to note that it dropped below 170 on Nov 20 but rebounded, but it also again failed at the resistance. In my opinion, the more it fails at the resistance, the over all bullish strength is beginning to wane.
Ultimately, from a technical stand point it seems CAT is starting to loose energy and may fall off. Will be watching the 170 level closely and looking for signs of a down trend as it begins to break out of the up trend (dotted red line).
Ill be looking to see if CAT begins to form a down trend in the upcoming days and starts to test the 170 level support. I think its important to note that it dropped below 170 on Nov 20 but rebounded, but it also again failed at the resistance. In my opinion, the more it fails at the resistance, the over all bullish strength is beginning to wane.
Ultimately, from a technical stand point it seems CAT is starting to loose energy and may fall off. Will be watching the 170 level closely and looking for signs of a down trend as it begins to break out of the up trend (dotted red line).
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