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

By David Diaz

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. Yesterday's price range of $159.10 and $161.00 is within the prior day'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.

Cummins Inc (NYSE:CMI) has potential upside of 10.1% based on a current price of $153.61 and analysts' consensus price target of $169.16. The stock should hit resistance at its 200-day moving average (MA) of $161.17, as well as support at its 50-day MA of $142.83.

Over the past year, Cummins Inc has traded in a range of $101.03 to $186.62 and closed yesterday at $153.61, 52% above that low. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.3%.

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 am inside day candle cummins inc

Ticker(s): CMI