2waytrading

Is Bottom Printed for now?

NYSE:CMI   CUMMINS INC
145 0 0
Friday, took a small position as noted on the chart. If you decide to go in, add above 50% 141.66 area with target price $147 area. Since earning, and the overreaction of traders, we put the stock under our radar, there was no major pattern that formed but from weekly chart, price bounced off from ascending support trend line , and was a good indication that the bottom was near if not printed at least for now. However, on a short-term basis the breakdown under its 200-dma looks pretty ugly. The bounce last week failed near $144.00 or close to 3-ema which it failed 3-times last few months which was an indication of what was coming. Though we initiated high risk trade at this difficult area which is a bearish zone, we will add above $141.67 area and $1.44.50 area. 3-step trade positions. In case, you want to take this trade, make your stop loss at recent swing low at and around $137 area with target price $147 to $152 area. Stay safe and follow us for more to come.
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