The Greedy Trader Weekly Analysis
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Downtrend Resistance
Downtrend Resistance stock alert presents a technical analysis stock market picking technique based on combination of technical indicators, stock trend analysis, trend following indicators and pattern recognition. Stock market alert is a warning signal. Downtrend Resistance stock alert indicates that price is near long-term resistance trendline and probability of short-term trend reversal is high.

The strategy is based on selling long (or taking short) position on downtrend testing resistance. The strategy has low to medium risk and average reword.

Downtrend Resistance

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- 3/15/2024 -
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CUMMINS INC (CMI) Technical Analysis

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Summary:
Weekly :Overbought sectorWilliams' Percentage Range and Lane's Stochastic are overboughtTrend resistance at 270.52
Daily :The price has fallen below the Parabolic SARThe price is above the upper Bollinger Band
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It was a first positive week for the CUMMINS INC (CMI). During the week, the CMI gained 6.24 points, or 2.32%, and closed at 274.84 on Friday, March 15, 2024. Weekly volume was 800% above average.

CMI is a member of Industrials Sector. Industrials is the 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 277.09 on March 16, 2021. CMI gained -272.19 points, or -5554.90%, in 961 weeks. The chart has formed a Broadening Ascending Wedge chart pattern. The trend support level is at 123.12 and resistance is at 322.42. 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 276.92 on March 7, 2024. CMI gained -92.64 points, or -50.27%, in 89 weeks. The chart has formed a Rising Wedge chart pattern. The price is near the trend resistance line (270.52). The resistance is usually stronger when technical indicators are overbought. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with price testing the trend resistance line in a medium-term trend.

Weekly Technical Indicators: [See CMI weekly technical indicators chart]
Weekly Williams' Percentage Range and Lane's Stochastic are overbought. Use the Technical Stock Screener to see the list of stocks with overbought weekly 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 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. The distance between MACD and the signal line is near its high, but getting smaller. It indicates that the current medium-term uptrend is still strong, and momentum is beginning to wane. 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 March 7, 2024 at 276.92 and reached 260.88 on March 14, 2024. CMI lost 16.04 points, or 5.79%, in 7 days. The chart has formed a Broadening Descending Wedge chart pattern.

Daily Technical Indicators: [See CMI daily technical indicators chart]
Daily technical indicators are neutral.

The daily MACD line is below its signal line since March 6, 2024. This is an indication that the short-term trend is down.

During the last week, the price has fallen below the Parabolic SAR (stop and reversal). A Parabolic SAR above the price is a bearish signal, and it indicates that momentum is likely to remain in the downward direction. A Parabolic SAR is used as a trailing stop loss for long or short positions. It works best during strong trending periods. Use the following links to access Parabolic SAR Help, or use the Technical Stock Screener to see the list of stocks with the Parabolic SAR close to the price level.

The price has closed on Friday above the upper Bollinger Band. It is considered a bullish signal. 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.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 60.61
Williams' Percentage Range (W%R) 62.40
Lane's Stochastic (%D-Slow) 47.30
Greed/Fear Indicator (GFI) 48.51
Moving Average Converg./Diverg. (MACD) 5.65
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 76.86
Williams' Percentage Range (W%R) 17.40
Overbought
Lane's Stochastic (%D-Slow) 89.79
Overbought
Greed/Fear Indicator (GFI) 77.53
Moving Average Converg./Diverg. (MACD) 4.71
Trading Signals
Description Value Chart
Yearly Trendline Resistance 322.42
Monthly Trendline Resistance 281.33
Parabolic System 276.87
Price 274.84
Upper Bollinger Band 273.05
Weekly Stochastic Crossing 271.12
Quarterly Trendline Resistance 270.52
Daily Stochastic Crossing 268.56
20 Day Moving Average 268.09
Lower Bollinger Band 258.78
50 Day Moving Average 252.73
Monthly Trendline Support 236.76
Quarterly Trendline Support 220.05
Sector and Industry
Description Name Rank
Sector Industrials 12
Industry Industrial Machinery 105
Daily Trend
Description Value
Direction Down
Chart Pattern Broadening Descending Wedge
High 276.92
High Date 03/07/2024
Low 260.88
Low Date 03/14/2024
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 226.52
Low Date 01/19/2024
High 276.92
High Date 03/07/2024
Description Value
Direction Up
Chart Pattern Broadening Ascending Wedge
Status Valid
Resistance 281.33
Support 236.76
Low 212.80
Low Date 11/02/2023
High 276.92
High Date 03/07/2024
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Rising Wedge
Status Test Resistance
Resistance 270.52
Support 220.05
Low 184.28
Low Date 06/23/2022
High 276.92
High Date 03/07/2024
Description Value
Direction Up
Chart Pattern Broadening Ascending Wedge
Status Valid
Resistance 322.42
Support 123.12
Low 4.90
Low Date 10/09/2002
High 277.09
High Date 03/16/2021
Warning: TheGreedyTrader.com presents weekly analysis. Technical indicators and trend parameters are calculated for the close of business day indicated on the top right corner of the screen.