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

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Emerson Elec Co (NYSE:EMR) based on the price action in the company's shares. Yesterday's price range of $76.88 and $77.13 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 Emerson Elec Co may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Emerson Electric Co. designs and manufactures electronic and electrical equipment, software, systems, and services. The Company offers its products for industrial, commercial, and consumer markets worldwide through its network power, process management, industrial automation, climate technologies, and commercial and residential solutions divisions.

Emerson Elec Co (NYSE:EMR) defies analysts with a current price ($77.51) 0.3% above its average consensus price target of $77.25. Emerson Elec Co shares have support at the 50-day moving average (MA) of $74.53 and additional support at the 200-day MA of $67.55.

Over the past year, Emerson Elec Co has traded in a range of $55.98 to $77.33 and closed yesterday at $77.51, 38% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.6% while the 200-day MA has risen 0.2%.

SmarTrend recommended that subscribers consider buying shares of Emerson Elec Co on September 6th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $62.02. Since that recommendation, shares of Emerson Elec Co have risen 24.5%. We continue to monitor EMR for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle emerson elec co

Ticker(s): EMR