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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 $76.88 and $77.13 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.

Over the past year, Emerson Elec Co has traded in a range of $55.98 to $77.33 and is now at $77.03, 38% above that low. 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%.

Emerson Elec Co has overhead space with shares priced $77.03, or 0.3% below the average consensus analyst price target of $77.25. The stock should discover initial support at its 50-day moving average (MA) of $74.39 and subsequent support at its 200-day MA of $67.49.

SmarTrend recommended that subscribers consider buying shares of Emerson Elec Co on September 6th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $62.02. Since that recommendation, shares of Emerson Elec Co have risen 24.5%. We continue to monitor EMR for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle emerson elec co

Ticker(s): EMR