New York, March 12th (TradersHuddle.com) - Shares of Caterpillar, Inc. (NYSE:CAT) closed the trading session at $60.36 just above calculated resistance at $59.72 moving to what appears to be a new range, as this move will clearly raise the attention of momentum buyers.

Caterpillar Inc. designs, manufactures, and markets construction, mining, agricultural, and forestry equipment. The Company also manufactures engines and other related parts for its equipment, and offers financing and insurance. Caterpillar, the largest earth moving equipment maker in the world, distributes its products through a worldwide organization of dealers. The maker of bulldozers and excavators was founded in 1925 and headquartered in Peoria, IL.

Caterpillar's stock was trading in a well defined range with support at $54.21 and resistance at $59.72, given that this range was broken traders will be closely monitoring the stock?s price action for clues of direction.

From a technical perspective it can be expected that previous resistance becomes support, as the new range gets defined, however, given that Caterpillar's stock is still near the broken resistance level, traders will be focusing on $59.72 to see if the stock holds the breakout without rolling over.