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

By Nick Russo

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 $72.71 and $72.71 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. designs and manufactures electronic and electrical equipment, software, systems, and services. The Company offers its products for industrial, commercial, and consumer markets worldwide through its network power, process management, industrial automation, climate technologies, and commercial and residential solutions divisions.

Emerson Elec Co share prices have moved between a 52-week high of $79.70 and a 52-week low of $55.39 and are now trading 31% above that low price at $72.71 per share. The 200-day and 50-day moving averages have moved 0.06% higher and 0.37% higher over the past week, respectively.

Emerson Elec Co (NYSE:EMR) has potential upside of 6.2% based on a current price of $72.71 and analysts' consensus price target of $77.25. Emerson Elec Co shares have support at the 200-day moving average (MA) of $69.23 and additional support at the 50-day MA of $69.04.

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