CAT 88.30: Minor double bottom projects further strength

CAT formed a minor double bottom at 84.70/84.91 (as shown on the weekly chart), projecting further strength towards the 89.62 high (May 21, 2015). Clearing the latter would confirm a higher base, extending the 3-month rise towards the 200 day moving average currently at 91.16. The 87.36/84.91 support zone should hold dips. A breakdown below the 84.70/84.91 area is needed to suggest topping.
Short term: bullish
Long term: neutral