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Possible Bullish Inside Day Candle Pattern Detected for EMCOR Group (NYSE:EME)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in EMCOR Group (NYSE:EME) based on the price action in the company's shares. Yesterday's price range of $46.77 and $47.35 is within the prior day'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. Traders and investors interested in shares of EMCOR Group may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Potential upside of 16.2% exists for EMCOR Group, based on a current level of $47.11 and analysts' average consensus price target of $54.75. The stock should hit resistance at its 50-day moving average (MA) of $47.68, as well as support at its 200-day MA of $46.85.

EMCOR Group, Inc. provides mechanical and electrical construction and facilities services around the world. The Company specializes in the design, installation, integration, and start-up of distribution systems for electrical power, lighting systems, low-voltage systems such as fire and security alarms, voice and data communication systems, ventilation systems, and plumbing and piping systems.

In the past 52 weeks, shares of EMCOR Group have traded between a low of $40.98 and a high of $52.37 and closed yesterday at $47.11, which is 15% above that low price. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.2%.

SmarTrend is tracking the current trend status for EMCOR Group and will alert subscribers who have EME in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle emcor group

Ticker(s): EME