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

By Amy Schwartz

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 $136.04 and $137.57 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.

In the past 52 weeks, shares of Cummins Inc have traded between a low of $129.90 and a high of $194.18 and are now at $136.60, which is 5% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.3% while the 50-day MA has declined 0.4%.

Cummins Inc has overhead space with shares priced $136.60, or 19.2% below the average consensus analyst price target of $169.16. The stock should find initial resistance at its 50-day moving average (MA) of $140.78 and further resistance at its 200-day MA of $162.24.

SmarTrend is tracking the current trend status for Cummins Inc and will alert subscribers who have CMI in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle cummins inc

Ticker(s): CMI