Is Cummins Expecting a Break Out?
Published on Tuesday, 21 August 2012 06:04 Written by TradersHuddle Wire
New York, August 21st (TradersHuddle.com) - Cummins Inc. (NYSE:CMI) closed the trading session at $102.71, near its 200 day moving average set at $103.34. Cummins' stock action is below this level, which makes the stock difficult to be bought, as it will face resistance as it approaches its 200 day moving average.
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.
Latest price action range, defined by a peaks and troughs algorithm, placed calculated support at $84.35 and resistance at $102.49. Traders should closely monitor these levels, as they provide great reference points for the latest price action in Cummins.
If traders want to establish a position on Cummins, given that resistance could materialize as the stock approaches its 200 day moving average, a trade might materialize as the stock manages to break this important level. After the breakout, the 200 day moving average could be used as support going forward. However, until the break materializes, traders need to exercise patience.
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