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

By Amy Schwartz

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 $72.91 and $73.42 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.

Potential upside of 5.2% exists for Emerson Elec Co, based on a current level of $73.42 and analysts' average consensus price target of $77.25. The stock should find initial support at its 200-day moving average (MA) of $65.85 and further support at its 50-day MA of $65.77.

In the past 52 weeks, shares of Emerson Elec Co have traded between a low of $55.39 and a high of $75.54 and are now at $73.42, which is 33% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.4% while the 200-day MA has risen 0.2%.

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