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- 4/26/2024 -
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CUMMINS INC (CMI) Technical Analysis
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| Summary:
| | Weekly :  | | Daily :
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| | It was a first positive week for the CUMMINS INC (CMI). During the week, the CMI gained 3.58 points, or 1.24%, and closed at 291.14 on Friday, April 26, 2024. Weekly volume was -45% below average.
CMI is a member of Industrials Sector. Industrials is the second most overbought sector. Sector/industry rotation is considered a proven strategy to beat the market. Use the following links to find overbought/oversold technical indicators by Sector or by Industry.
 Long-term trend: [See CMI long-term trend chart]
A long-term uptrend had started on October 9, 2002 at 4.90 and reached 304.25 on April 11, 2024. CMI gained -299.35 points, or -6109.18%, in 1122 weeks. The chart has formed a Broadening Ascending Wedge chart pattern. The trend support level is at 123.80 and resistance is at 324.26. A Broadening Ascending Wedge pattern is considered to be a reversal formation. It usually appears in a mature trend, characterized by overbought/oversold long-term and short-term indicators, and often generates divergence on long-term indicators. Use the following link to access a Broadening Ascending Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Broadening Ascending Wedge pattern in a long-term trend.
 Medium-term trend: [See CMI medium-term trend chart]
A medium-term uptrend had started on June 23, 2022 at 184.28 and reached 304.25 on April 11, 2024. CMI gained -119.97 points, or -65.10%, in 94 weeks. The chart has formed a Rising Wedge chart pattern. The uptrend resistance line (222.45) is broken. Usually a broken resistance is considered to be a long-term bullish signal, although a short-term pull back is possible. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with broken trend resistance line in a medium-term trend.
 Weekly Technical Indicators: [See CMI weekly technical indicators chart]
Weekly Relative Strength Index, Williams' Percentage Range and Lane's Stochastic are overbought. Use the Technical Stock Screener to see the list of stocks with overbought weekly Relative Strength Index, Williams' Percentage Range and Lane's Stochastic. Oscillators are designed to signal a possible trend reversal. They can act as alerts and should be taken in conjunction with other technical analysis tools. Oscillators can be used to confirm other technical signals. Use the following links to access Lane's Stochastic, Relative Strength Index and Williams' Percentage Range help.
The weekly MACD line is above its signal line since December 8, 2023. This is an indication that the medium-term trend is up. Use the following link to access a MACD help.
 Short-term trend: [See CMI short-term trend chart]
A short-term downtrend had started on April 11, 2024 at 304.25 and reached 284.92 on April 19, 2024. CMI lost 19.33 points, or 6.35%, in 8 days. The price is now at the 32.18% retracement level.
 Daily Technical Indicators: [See CMI daily technical indicators chart]
Daily technical indicators are neutral.
The daily MACD line is below its signal line since April 11, 2024. This is an indication that the short-term trend is down. The distance between MACD and the signal line is relatively high, but getting smaller. It indicates that the current short-term downtrend is still strong, and momentum is beginning to wane.
The price is close to the moving average in the center of the Bollinger Bands. The Bollinger Bands are often used with a non-oscillator indicator like chart patterns or a trendline. The signals are considered more reliable if these indicators confirm the recommendation of the Bollinger Bands. Use the following links to access the Bollinger Bands Help, or use the Technical Stock Screener to see the list of stocks with the price above the Upper Bollinger Band or below the Lower Bollinger Band.
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