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

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Emerson Electric (NYSE:EMR) based on the price action in the company's shares. Today's price range of $55.25 and $55.73 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 Electric may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Based on a current price of $55.67, Emerson Electric is currently 9.7% above its average consensus analyst price target of $50.29. The stock should find initial support at its 50-day moving average (MA) of $53.39 and further support at its 200-day MA of $48.73.

Emerson Electric share prices have moved between a 52-week high of $62.75 and a 52-week low of $41.25 and are now trading 35% above that low price at $55.67 per share. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.8%.

Emerson Electric Co. manufactures and markets electrical, electromechanical, and electronic products and systems. The Company produces a variety of products, including process control, industrial automation, electronics, appliance components, and electric motors. Emerson sells its products around the world.

SmarTrend is monitoring the recent change of momentum in Emerson Electric. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Emerson Electric in search of a potential trend change.

Keywords: bearish inside day candle Emerson Electric

Ticker(s): EMR