EMR closes lower for the 2nd day in a row


Emerson Electric Company (EMR) Technical Analysis Report for May 22, 2020 | by Techniquant Editorial Team

Highlights

EMR closes lower for the 2nd day in a row
EMR breaks below Thursday's low

Overview

Moving lower for the 2nd day in a row, EMR finished the week 5.53% higher at 55.87 after losing $0.38 (-0.68%) today, underperforming the S&P 500 (0.24%) ahead of tomorrow's Memorial Day market holiday. Closing below Thursday's low at 55.93, the stock confirmed its breakout through the prior session low after trading up to $0.57 below it intraday.

Daily Candlestick Chart (EMR as at May 22, 2020):

Daily technical analysis candlestick chart for Emerson Electric Company (EMR) as at May 22, 2020

Friday's trading range has been $1.17 (2.08%), that's below the last trading month's daily average range of $1.76. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for EMR.

The share shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.

Buying could speed up should prices move above the close-by swing high at 57.70 where further buy stops might get triggered.

Among the three market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "2 Consecutive Lower Closes" stand out. While it is usually interpreted as bearish, it has actually shown to be bullish for Emerson Electric. Out of 304 times, EMR closed higher 54.61% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 53.62% with an average market move of 0.36%.


Market Conditions for EMR as at May 22, 2020

Loading Market Conditions for EMR (Emerson Electric Company)...
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EMR finds buyers at key support level

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