Caterpillar (CAT) is forming a negative momentum divergence, broke a key trend line of support, and now appears to be putting the finishing touches on a possible bearish head and shoulders pattern. If this pattern confirms then there could be a significant mover lower for this industrial giant.
However, with the way things look his morning, the market overall looks bullish. This may give pause to putting on a bearish play right out of the gate, this is where patience comes into play. Check out my breakdown below so you know exactly what to be on the look out before today!
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