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Watch for Continued Losses in Shares of Cummins Inc (CMI)

By David Diaz

Cummins Inc (NYSE:CMI) traded at a new 52-week low today of $109.11. Approximately 126,000 shares have changed hands today, as compared to an average 30-day volume of 1.6 million shares.

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.

Over the past year, Cummins Inchas traded in a range of $109.11 to $186.62 and are now at $111.30. Over the past week, the 200-day moving average (MA) has gone down 0.5% while the 50-day MA has declined 3.1%.

Cummins Inc has overhead space with shares priced $111.30, or 34.2% below the average consensus analyst price target of $169.16. The stock should find initial resistance at its 50-day moving average (MA) of $157.83 and further resistance at its 200-day MA of $165.46.

SmarTrend recommended that its subscribers protect gains by selling shares of Cummins Inc on January 3rd, 2020 by issuing a Downtrend alert when the shares were trading at $175.78. Since that call, shares of Cummins Inc have fallen 33.7%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: 52 week high/lows cummins inc

Ticker(s): CMI