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Shares of CAT Now Overbought

By Market News Video Staff, Thursday, January 12, 12:38 PM ET
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In trading on Thursday, shares of Caterpillar Inc. (NYSE:CAT) entered into overbought territory, changing hands as high as $100.49 per share. We define overbought territory using the Relative Strength Index, or RSI, which is a technical analysis indicator used to measure momentum on a scale of zero to 100. A stock is considered to be overbought if the RSI reading rises above 70. In the case of Caterpillar Inc., the RSI reading has hit 70.5 by comparison, the RSI reading for the S&P 500 ETF (SPY) is presently 70.0.

Investors could look at CAT's 70.5 reading as a sign that the recent heavy buying is overdue to take a break, which could bring a pullback in the stock. The chart below shows the one year performance of CAT shares:

Caterpillar Inc. 1 Year Performance Chart

Looking at the chart above, CAT's low point in its 52 week range is $67.54 per share, with $116.55 as the 52 week high point that compares with a last trade of $100.36.

According to the ETF Finder at ETF Channel, CAT makes up 6.24% of the SPDR Dow Jones Industrial Average ETF (AMEX:DIA) which is trading lower by about 0.3% on the day Thursday.

See what other ETFs contain CAT
See what other stocks are held by DIA

CAT operates in the Construction sector, among companies like Shaw Group Inc. (SHAW) which is up about 0.8% today and has a current RSI reading of 72.2. Below is a three month price history chart comparing the stock performance of CAT, versus SHAW.

CAT,SHAW Relative Performance Chart


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