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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 $157.13 and $158.23 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.

Based on a current price of $158.09, Cummins is currently 5.4% above its average consensus analyst price target of $149.60. The stock should discover initial support at its 50-day moving average (MA) of $109.01 and subsequent support at its 200-day MA of $106.04.

In the past 52 weeks, Cummins share prices have been bracketed by a low of $79.88 and a high of $163.36 and are now at $158.09, 98% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has advanced 1.4%.

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 recommended that subscribers consider buying shares of Cummins on April 25th, 2017 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $151.95. Since that recommendation, shares of Cummins have risen 3.3%. We continue to monitor CMI for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish inside day candle Cummins

Ticker(s): CMI