In this daily bar chart of CMI, below, we can see that last week CMI rallied above the bottoming 200-day moving average line. Prices have stayed above the slightly rising 50-day line for much of November.
The daily On-Balance-Volume (OBV) line shows a positive bias for November suggesting that buyers of CMI were more aggressive.
The trend-following Moving Average Convergence Divergence (MACD) oscillator crossed above the zero line in the first half of November for an outright go long signal.
In this weekly bar chart of CMI, below, we can see that prices briefly broke the July low and rebounded quickly. CMI is now trading above the declining 40-week moving average line.
The weekly OBV line has been steady/firm for several months decline the price decline earlier in the year.
The weekly MACD oscillator has been improving but is still below the zero line.
In this Point and Figure chart of CMI, below, we can see an upside price target short of $190. It would take a decline below $140.77 to weaken this picture.
Bottom line strategy: CMI could retreat to retest the $150-$145 area but I think the path looks clear on the upside. Risking below $140, traders could probe the long side of CMI.