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Caterpillar (CAT) Isn't Technically Sound

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September 20, 2013 – Comments (0) | RELATED TICKERS: CAT

I really don't like anything about the Caterpillar (CAT) chart whatsoever. 

If this stock breaks below $82, it is in for a world of hurting. It has one incredibly long-term head and shoulders patter, and all it needs to do is break below $82 and it's showtime for the bears. 

Also check out the shorter-term triangle pattern at play. It also coincides with $82 making that support level that much more important going forward. 

Overall the stock looks incredibly bearish and I wouldn't be touching it at all. 

Here's the CAT technical analysis

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