Mining Equipment Stocks Begin To Dig Out Of Last Weeks Hole
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.