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

By Amy Schwartz

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 $53.44 and $54.19 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.

Emerson Electric (NYSE:EMR) is currently priced 7.1% 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 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.

Over the past year, Emerson Electric has traded in a range of $41.25 to $62.75 and is now at $54.13, 31% above that low. The 200-day and 50-day moving averages have moved 0.05% higher and 0.81% higher over the past week, respectively.

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