Reference Points for Cummins
Published on Friday, 02 November 2012 05:52 Written by TradersHuddle Wire
New York, November 2nd (TradersHuddle.com) - Cummins Inc. (NYSE:CMI) closed the trading day at $98.75, near its 50 day moving average that is set at $95.09. Cummins' price action is just above this important support level, providing a trading opportunity.
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.
The peaks and troughs algorithm shows calculated support at $85.88 and calculated resistance at $94.25. These levels should also be evaluated when planning trades, as they provide an insight into the latest price action.
Traders wanting to establish a position on Cummins should look for evidence of buying near the 50 day moving average, and open this position as close as possible to this important level. Also, they need to consider the latest range defined by the peaks and troughs algorithm for insights on other key levels that might impact an upside or downside move.
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