Is Cummins Close to Support?
Published on Monday, 15 October 2012 06:12 Written by TradersHuddle Wire
New York, October 15th (TradersHuddle.com) - Shares of Cummins Inc. (NYSE:CMI) are trading very close to calculated support at $85.88 with price action closing at just $87.49 and placing the stock near levels where traders will start paying attention.
Cummins' stock range is defined by its calculated support defined at $85.88 and by the resistance level at $104.71, which should be used by traders planning their trades. These support and resistance levels are based on a peaks and troughs algorithm of the stock's price action.
Traders wanting to establish a position should pay close attention to Cummins' price action, and establish it as close to support as possible, but only after buying materializes. Traders should understand that the resistance point at $104.71 might limit their upside, however, if the stock breaks resistance, it could be a good point to add to the position.
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.
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