After an 18% decline, Caterpillar shares are correcting and have already reached the 50% Fibonacci level.
Often the correctional movement reaches the level of 61.8%. However, positive news brings optimism for continued growth above this level, that is, above $185 per share.
The technical side is also confirmed by JPMorgan analysts, who at the end of September provided optimistic comments on the prospects of Caterpillar and raised the valuation of the company's shares from $205 to $220 per share, which allowed the company to maintain an overweight rating.
Thus, Caterpillar's immediate growth targets are 185 and 190.5.
This content is for informational purposes only and is not intended to be investing advice.