Stocks
CAT Stock Bounces Off Earnings Beat Amid Mixed Technicals
Caterpillar (CAT) stock closed at $830.03 after beating Q2 earnings expectations, but its daily chart remains corrective.
The company's record order backlog of $63 billion, driven by AI-related power demand, provides a strong fundamental narrative for the stock.
However, the technical setup is mixed, with the daily chart showing bearish momentum and the hourly chart indicating a tactical bounce.
The key resistance zone is between $834 to $842, where hourly R1, 15-minute R1, and the daily R1 pivot converge. A clean break above this zone would confirm a bullish scenario for CAT stock.