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

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Emerson Electric (NYSE:EMR) based on the price action in the company's shares. Today's price range of $52.58 and $52.90 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. Traders and investors interested in shares of Emerson Electric may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Emerson Electric (NYSE:EMR) is currently priced 4.6% above its average consensus analyst price target of $50.29. Emerson Electric shares should encounter resistance at the 50-day moving average (MA) of $53.39 and 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.

In the past 52 weeks, shares of Emerson Electric have traded between a low of $41.25 and a high of $62.75 and are now at $52.70, which is 28% above that low price. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.8%.

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

Keywords: bullish inside day candle Emerson Electric

Ticker(s): EMR