Cummins Inc

CMI remains entrenched in a Stage 4 distribution phase, with price carving lower highs and lower lows beneath declining EMAs. Despite extreme oversold conditions, no bullish reversal structure has emerged. Execution should focus on trimming into any rally into the 9/20 EMA resistance zone, using rejection there to reinforce the downtrend.

• ↑Q2 sales hit $9.5B (+9% YoY; EBITDA margin 17.5%)
• ↑2026 revenue guidance lifted to 10–13% (vs prior 8–11%)
• ↓Trades at 32.8x P/E with negative earnings yield