Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

Engine Makers Tank On Tesla News

Published 11/17/2017, 01:38 PM
Updated 05/14/2017, 06:45 AM

Most of the leading truck-engine manufacturers saw heavy selling pressure Friday when electric vehicle maker Tesla (NASDAQ:TSLA) announced it is now making electric trucks. Truck-engine stocks like Cummins (NYSE:CMI), PACCAR (NASDAQ:PCAR) and Navistar International (NYSE:NAV) plunged on the news.

Cummins Support

Cummins traded lower by $6.82 to $160.32 a share. Traders should note that CMI is now testing its daily chart 200-day moving average. At this point, the important moving average is holding up as support but a close below it would be negative for the stock. CMI's next major support is around $150 – where it was defended in August 2017. That price point should serve as a major support when initially retested. Keep an eye on that level as a major bounce level.

Cummins

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.