AutoChartist Report Forex (Eur) 15.10.2018
Caterpillar is trading above its upward trend line on a 4 hour time frame. The stock has retraced to almost the 61.8% level of Fibonacci since it hit its high of 86.85. Generally speaking, if the price bounce back up from the 61.8% retracement level, it represents that the uptrend is strong and it has ability of breaking the previous high. Interestingly enough, the 23.6% retracement level has lined up with a level of support which could be a good opportunity to buy.
However, the RSI is trading in line with the price action which means that the bias could be to the downside. The overall trend for the stock within this time frame is a side way trend which means unless the price breaks out of this zone, the best opportunity could be buying towards the lower end of this zone and selling towards the higher end. 
Important Zone
Support Zone
83-82 Minor Support
81-80 Major Support
Resistance Zone
89-88 Minor Resistance
90.68-90.39 Major Resistance
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