CMI closes higher for the 2nd day in a row
Moving higher for the 2nd day in a row, CMI ended the week 4.16% higher at 136.86 after gaining $2.37 (1.76%) today on low volume. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Thursday's high at 135.16, Cummins Inc. confirms its breakout through the prior session's high having traded $2.38 above it intraday.
Friday's trading range was $2.83 (2.1%), that's slightly above last trading month's daily average range of $2.52. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly below average.
While the stock is experiencing a short-term up trend, this might just be a correction, as both the medium and long term trends are still in negative territory. The market managed to break above the 20-day moving average at 135.29 today for the first time since July 10th.
Buying could speed up should prices move above the close-by swing high at 138.39 where further buy stops might get activated.
Even though both sentiments are bullish for the next trading day, the classical technical analysis metrics are only slightly bullish while our quantitative statistics show a bullish sentiment.
Market Conditions for Cummins Inc.
|Close to Swing Low||TQ Pro Members Only|
|Closed below last periods low||TQ Pro Members Only|
|Bullish Hikkake Pattern||TQ Pro Members Only|
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