Is Cummins Breaking Out?

Published on Friday, 03 February 2012 07:00 Written by Christopher Lynn

New York, February 3rd (TradersHuddle.com) - Shares of Cummins Inc. (NYSE:CMI) closed the trading session at $113.31 just above calculated resistance at $110.95 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 $102.52 and resistance at $110.95, given that this range was broken traders will be closely monitoring the stock