Trading Idea - Cummins Broke Resistance, What to Expect?

Published on Tuesday, 24 January 2012 20:16 Written by Christian Paolinetti

New York, January 24th (TradersHuddle.com) - Shares of Cummins Inc. (NYSE:CMI) closed the trading session at $106.80 just above calculated resistance at $106.10 moving to what appears to be a new range, as this move will clearly raise the attention of momentum buyers.

Cummins Inc. (NYSE:CMI) 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. The Cummins, Inc. headquartered in Columbus, Indiana.

Cummins' stock was trading in a well defined range with support at $85.51 and resistance at $106.10, given that this range was broken traders will be closely monitoring the stock