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Mining Equipment Stocks Begin To Dig Out Of Last Weeks Hole



July 25, 2011 – Comments (0)

This morning, the mining and farm equipment stocks are all trading in positive territory. Last week, this sector was under pressure after Caterpillar Inc.(NYSE:CAT) reported earnings. Often after a sharp decline in a stock the next trading day the stock will retrace higher from the decline. This is what looks to be happening today in the mining equipment stocks.

Caterpillar Inc.(NYSE:CAT) is the leading mining equipment stock in the world. Last week, the stock dropped sharply lower after reporting earnings. This morning, CAT stock is trading higher by 0.24 cents to $105.37 a share. Traders must now watch for intra-day resistance around the $106.75 level. Should the stock decline throughout the day there should be intra-day support around the $104.00, and $103.00 levels.

Deere & Co.(NYSE:DE) is another leading farming and mining equipment stock. DE Stock is trading higher by 0.62 cents to $81.85 a share. This stock will have intra-day resistance around the $82.50, and $83.00 levels. Should the stock pullback, the intra-day support levels will be around the $81.00, and $80.50 levels.

Joy Global Inc.(NASDAQ:JOYG) is a leading mining equipment stock that is trading higher this morning by 0.47 cents to $100.32 a share. JOYG stock will have intra-day resistance around the $101.50 area. The intra-day support levels for JOYG stock will around the $99.20 level.

Nicholas Santiago

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