The worlds leading producer of mining construction and operation equipment, Caterpillar, has released for the first quarter a revenue of $16 billion, up 23% and a net income of $1.6 billion, up 29%.
Moreover, the group has revised upwards its forecast for annual profit to $9.50 per share, against $9.25 previously. It kept its forecast for sales, between $68 and $70 billion. The order book continued to increase in the first quarter at $ 30.7 billion. Besides, the management announced to face a slowdown in China and Brazil which curb their expansion to master inflation.
Technically, Caterpillars stock has failed to sustain bullish impetus. The share has declined and evolve now in a trading range bounded by USD 99.7/109.2. Currently, the security is near the lower bound, represented by the USD 99.7 mid-term support, and could head back towards the upper bound i nthe next sessions.
Thus, investors could take a buy position on the lower bound to target the upper bound at USD 109.2. A stop-loss will be fixed at USD 95.5, below a small gap at USD 96.
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Manufactures construction and mining equipment, diesel and natural gas engines and industrial gas turbinesCaterpillar, Inc. engages in the manufacture of construction and mining equipment, diesel and natural gas engines, industrial gas turbines, and diesel-electric locomotives.It provides...