EMR closes higher for the 2nd day in a row
Emerson Electric Company (EMR) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, EMR finished the month 1.66% higher at 62.03 after gaining $0.65 (1.06%) today, slightly underperforming the S&P 500 (1.54%). Closing above Monday's high at 61.38, Emerson Electric confirmed its breakout through the previous session high after trading up to $0.91 above it intraday.
Daily Candlestick Chart (EMR as at Jun 30, 2020):
Tuesday's trading range has been $1.37 (2.24%), that's below the last trading month's daily average range of $1.80. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for EMR.
One bullish candlestick pattern matches today's price action, the White Candle.
The market 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 nearby swing high at 62.59 where further buy stops might get activated.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "2 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for Emerson Electric. Out of 317 times, EMR closed higher 53.31% 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 54.89% with an average market move of 0.40%.