Cummins Inc

CMI is in a Stage 3 distribution phase with emerging lower highs and lows. Price trades below the declining 9, 21, and 50 EMAs, which are acting as resistance, and distribution volume has been heavier on sell-offs than rallies. Despite an OS reading, no clear oversold exhaustion is visible. Medium-term bias is bearish while the long-term uptrend remains intact above the 200 DMA. Execution should be deferred by trimming into rallies at key EMA resistance zones.

• ↑Power-gen revenues +19% YoY with record Q4 data-center orders.
• ↑Q1 2026 revenue $8.4 B (+3% YoY); gross margin at 26.7%.
• ↓Heavy-duty and medium-duty truck volumes slid 40% YoY; further 25–30% declines expected.