• Return to Headlines

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

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Cummins Inc (NYSE:CMI) based on the price action in the company's shares. Yesterday's price range of $171.53 and $172.10 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. Traders and investors interested in shares of Cummins Inc may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

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) is currently priced 1.9% above its average consensus analyst price target of $169.16. Cummins Inc shares should encounter resistance at the 50-day moving average (MA) of $180.12 and support at its 200-day MA of $166.81.

Cummins Inc share prices have moved between a 52-week high of $186.62 and a 52-week low of $135.29 and closed yesterday at 27% above that low price at $172.49 per share. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.2% while the 200-day MA has remained constant.

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: bullish am inside day candle cummins inc

Ticker(s): CMI