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Possible Bearish Inside Day Candle Pattern Detected for Cummins Inc (NYSE:CMI)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Cummins Inc (NYSE:CMI) based on the price action in the company's shares. Today's price range of $169.82 and $170.16 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Cummins Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Cummins Inc. designs, manufactures, distributes, and services diesel and natural gas engines. The Company also manufactures electric power generation systems and engine-related component products, including filtration and exhaust aftertreatment, fuel systems, controls, and air handling systems.

Based on a current price of $170.16, Cummins Inc is currently 0.6% above its average consensus analyst price target of $169.16. The stock should find initial support at its 50-day moving average (MA) of $163.19 and further support at its 200-day MA of $150.49.

In the past 52 weeks, shares of Cummins Inc have traded between a low of $124.40 and a high of $171.84 and are now at $170.16, which is 37% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.2% while the 200-day MA has risen 0.3%.

SmarTrend is monitoring the recent change of momentum in Cummins Inc. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Cummins Inc in search of a potential trend change.

Keywords: bearish inside day candle cummins inc

Ticker(s): CMI