CMI slips to lowest close since August 2nd
Cummins Inc. (CMI) Technical Analysis Report for Aug 10, 2018 | by Techniquant Editorial Team
Moving lower for the 3rd day in a row, CMI ended the week -0.93% lower at 140.29 after losing $1.73 (-1.22%) today. Today's closing price of 140.29 marks the lowest close since August 2nd. Closing below Thursday's low at 141.55, the market confirms its breakout through the previous session's low having traded $1.73 below it intraday.
Daily Candlestick Chart (CMI as at Aug 10, 2018):
Friday's trading range was $1.93 (1.37%), that's slightly below last trading month's daily average range of $2.79. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly above average.
Breaking below the key support level at 141.25 today, it is now likely to act as resistance going forward.
Although the share 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.
Trading close to June's high at 145.19 we could see further upside momentum if potential buy stops at the level get activated.