Don't Ignore This Chart!

Cummins forms bearish engulfing near resistance

 | 
Cummins Engine came across the bearish engulfing scan as it opened strong and closed weak near resistance. The stock failed in the 74-76 area in April, May and June. July marks the fourth attempt. A move above resistance would break resistance from a rather large symmetrical triangle.

100716cmi
Click this image for details
Arthur Hill
About the author: , CMT, is the Chief Technical Strategist at TrendInvestorPro.com. Focusing predominantly on US equities and ETFs, his systematic approach of identifying trend, finding signals within the trend, and setting key price levels has made him an esteemed market technician. Arthur has written articles for numerous financial publications including Barrons and Stocks & Commodities Magazine. In addition to his Chartered Market Technician (CMT) designation, he holds an MBA from the Cass Business School at City University in London. Learn More
Subscribe to Don't Ignore This Chart! to be notified whenever a new post is added to this blog!
comments powered by Disqus