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Caterpillar gives in to negative pressure - Analysis - 03-08-2022
Caterpillar's stock (CAT) skidded after reporting a profit of 3.18 per share, passing estimates of $3.03, on sales of $14.2 billion, passing estimates of $14 billion, with the stock nonetheless sliding 5.82%, or 11.35 points, and settling at 183.51, with trading volumes surpassing 8 million shares, above 10-day averages of 3 million shares.
The stock declined after facing resistance from the 50-day SMA, while the RSI reached overbought levels, doubling pressures on the stock, amid the dominance of the main downward medium-term trend, with negative signals from the RSI.
Therefore we expect more losses for the stock, targeting the support of 169.30, provided the resistance of 199.50 holds on.
Expected trend for today: Bearish
Midday update for the NZDUSD 03-08-2022
The NZDUSD pair attempted to breach 0.6257 but it finds difficulty to hold above it, to continue with our neutrality until the price confirms its situation according to the mentioned level followed by detecting its next destination clearly, noting that the details of the expected targets after the breach are explained our morning report.
MoreMidday update for the AUDUSD 03-08-2022
The AUDUSD pair shows more bullish bias to move away from 0.6910 level, reinforcing the expectations of continuing the bullish trend for the rest of the day, which depends on the price stability above the mentioned level, reminding you that our waited targets begin at 0.6980 and extend to 0.7050.
MoreMidday update for Brent oil 03-08-2022
Brent oil price shows additional negative trades to approach the key support 102.25, waiting to break this level to confirm rallying towards our next negative target that reaches 99.25, to keep the bearish trend scenario valid and active conditioned by the price stability below 105.75.
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