CAT has slipped from second most expensive DJIA component to third during the downturn, closing at $100.43 yesterday...Along with IBM and Chevron it has an outsized effect on the DJIA.
Down $2.11 at $95.08, that 2.17% move is worth just shy of 12 times what a 2.17% move in BAC is worth.
From Nifty (the Indian stock index, not the adjective) Chart:
- Caterpillar has fallen below the crucial support zone of 97 - 98.
- Price has also fallen below 200 Day SMA. For bears need a daily close below 200 SMA to gain more strength.
- Hour chart too is trending below the cloud. Hour trading above the cloud may give an oversold bounce which looks unlikely at the moment
