CMI is not overbought on the daily though, when i look at shorts from the "nice round number" aspect, always nicer to see those readings run up passed 70rsi and the slow stochs up passed 80....rarely have seen anything not pullback then , though some do kite up for a quite a while . Depends on the reasons for the momentum , so always better to be patient though this one has rarely stayed overbought for long , might be good scalp popping a little higher ...maybe here .
CMI , it turns out is reporting this am , wasn't sure if you knew ....looking for $3.11/shr , had forgotten this was another Cramer pick from 12/14 as a play on this year's diesel truck replacement cycle #msg-8866112&txt2find=cmi
So this was a little pre-eps run up , here's what they did last time out..good to be prepared :
Cummins beats by $0.29, guides Q4 above consensus (CMI) 81.01 : Reports Q3 (Sep) earnings of $2.90 per share, $0.29 better than the Reuters Estimates consensus of $2.61; revenues rose 12.4% year/year to $2.47 bln vs the $2.50 bln consensus. Co issues upside guidance for Q4, sees EPS of $3.00-3.10 vs. $2.95 consensus.
technical view:
BULLISH CASE: On better than expected news/outlook the stock could trade to the upper limit of the near-term bullish price channel at $103.39. On a bullish breakout through the channel, the stock could trade to the midpoint of the prior bullish price channel at $104.15, and on an extreme reaction up to the upper limit of the prior channel to $111.52. All of the bullish targets would be new lifetime highs.
BEARISH CASE: On worse than expected news/outlook the stock could trade to the midpoint of the channel at $96.17. The next downside objectives would be at the following support levels: $94.06, $90.89 (lower limit of the price channel). On a bearish breakdown through the price channel the next downside objectives would be at the following support levels: $89.52, $86.44, $84.68. :
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