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

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Cummins (NYSE:CMI) based on the price action in the company's shares. Today's price range of $106.80 and $108.40 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. Traders and investors interested in shares of Cummins may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

In the past 52 weeks, Cummins share prices have been bracketed by a low of $79.88 and a high of $143.40 and are now at $107.11, 34% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has advanced 1.4%.

Based on a current price of $107.11, Cummins is currently 1.2% above its average consensus analyst price target of $105.80. The stock should find resistance at its 50-day moving average (MA) of $109.01, as well as support at its 200-day MA of $106.04.

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.

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

Keywords: bullish inside day candle Cummins

Ticker(s): CMI