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Possible Bearish Inside Day Candle Pattern Detected for Emcor Group Inc (NYSE:EME)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Emcor Group Inc (NYSE:EME) based on the price action in the company's shares. Yesterday's price range of $60.98 and $62.52 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. Owners of Emcor Group Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, shares of Emcor Group Inc have traded between a low of $41.85 and a high of $93.54 and closed yesterday at $61.07, which is 46% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.5% while the 50-day MA has declined 2%.

Emcor Group Inc has overhead space with shares priced $61.07, or 31.4% below the average consensus analyst price target of $89.00. The stock should find initial resistance at its 50-day moving average (MA) of $68.37 and further resistance at its 200-day MA of $81.85.

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, and low-voltage systems such as fire and security alarms, voice and data communication, ventilation, and plumbing and piping systems.

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

Keywords: bearish am inside day candle emcor group inc

Ticker(s): EME