CMI closes higher for the 2nd day in a row
Cummins Inc. (CMI) Technical Analysis Report for Jul 13, 2018 | by Techniquant Editorial Team
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.
Daily Candlestick Chart (CMI as at Jul 13, 2018):
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.