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Possible Bearish Inside Day Candle Pattern Detected for Emerson Elec Co (NYSE:EMR)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Emerson Elec Co (NYSE:EMR) based on the price action in the company's shares. Today's price range of $67.33 and $67.97 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Emerson Elec Co may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Emerson Electric Co., a technology and engineering company, provides solutions to industrial, commercial, and consumer markets worldwide. The company's Automation Solutions segment offers measurement and analytical instrumentation; valves, actuators, and regulators; industrial solutions; and process control systems and solutions.

In the past 52 weeks, shares of Emerson Elec Co have traded between a low of $55.39 and a high of $74.31 and are now at $67.84, which is 22% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has advanced 0.6%.

There is potential upside of 13.9% for shares of Emerson Elec Co based on a current price of $67.84 and an average consensus analyst price target of $77.25. The stock should find initial support at its 200-day moving average (MA) of $65.16 and further support at its 50-day MA of $62.21.

SmarTrend is tracking the current trend status for Emerson Elec Co and will alert subscribers who have EMR in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle emerson elec co

Ticker(s): EMR