October 05, 2020 at 03:48PM
• Caterpillar reversed from support area
• Likely to rise to 155.00
Caterpillar recently reversed up sharply with the candlesticks reversal pattern Bullish Engulfing from the support area lying between the pivotal support level 145.00, lower daily Bollinger Band and the support trendline of the daily up channel from June.
The price is currently moving inside the short-term impulse wave 3 – which belongs to the medium-term impulse sequence (3) from August.
Given the clear uptrend – Caterpillar price is likely to rise toward the next resistance level 155.00 (which reversed the price multiple times in September).
From: The FxPro Tech Analysis Team https://fxpro.news/market-snapshots/caterpillar-wave-analysis-5-october-2020-20201005/
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