Back in October, a downward trend in Caterpillar (CAT) bottomed out with a series of successful support tests near $190.00. In recent weeks, the shares have snapped out of a downtrend, regained and held above their 50-day moving average, launched up off of the 50-day average and blasted through $220.00 to complete a bullish Ascending triangle pattern and have continued to climb. Since the start of this month, bullish signals have occurred on increased volumes, a sign of renewed accumulation.
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