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Guy Adami Thinks The Right Price For CAT Is $54
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Posted on 11/19/09 at 8:11pm by Craig Jones
CNBC's Fast Money Guy Adami thinks that Caterpillar (NYSE: CAT) will struggle as machine sells are down 50% in October. He said that $54 was previously the resistance for this stock and it became support now. As market corrects Caterpillar will test the support, thinks Guy Adami. And if market corrects in the way he thinks it will, Caterpillar (CAT) will go further down.
Caterpillar (CAT) dropped 1.35% on Thursday and closed at $58.61. Its volume today was $8.24M.
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