A new wave up beginning in CAT World's largest manufacturer of construction equipment - Caterpillar(CAT), is all set to make a leap upwards of 30+% in the first half of 2024.
The stock of this company has been constantly making new ATH's and displays neat waves everywhere.
The move being discussed and anticipated shall be 1-2-i-ii-iii, Meaning the wave iii of 3.(you can imagine it as a smaller third wave inside of a bigger third wave.
The projected target zone for the anticipated wave is placed at 325-350$ zone.
A look at the support/resistance zones also shows the stock attempting to reverse off a major S/R zone.
The construction and manufacturing sectors have slowing started picking up and the US economy is better off than it was in 2022 and 2023. It is therefore expected of these sectors to do better in 2024 than they did in 2023 and increase their operations and output.
This in turn should point towards a good business year for CAT since manufacturing, construction and mining sectors form its major customer base.
Note*- This chart is based on personal observations/opinions. Please be cautious while making any financial decisions.
