EMR finds buyers again around 71.61


Emerson Electric Company (EMR) Technical Analysis Report for May 17, 2018

Highlights

EMR finds buyers at key support level
EMR closes higher for the 2nd day in a row
EMR ends the day on a bullish note closing near the high of the day
EMR finds buyers again around 71.61
EMR pushes through previous session high

Overview

Moving higher for the 2nd day in a row, EMR ended Thursday at 72.97 gaining $1.02 (1.42%). Today's closing price of 72.97 marks the highest close since February 27th. Closing above Wednesday's high at 72.47, the stock confirms its breakout through the prior session's high having traded $0.71 above it intraday. Ending with a strong close near the high of the day sets a bullish note for the next session.

Daily Candlestick Chart (EMR as at May 17, 2018):

Daily technical analysis candlestick chart for Emerson Electric Company (EMR) as at May 17, 2018

Thursday's trading range was $1.57 (2.18%), that's slightly below last trading month's daily average range of $1.57. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being above average.

In a volatile session, prices traded above the previous day's high as well as below the prior day's low, forming a bullish Outside Bar.

After trading as low as 71.61 during the day, the market bounced off the key support level at 71.83. The failure to close below the support might increase that levels importance as support going forward. After having been unable to move lower than 71.67 in the previous session, the share found buyers again around the same price level today at 71.61.

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

With prices trading close to this year's high at 74.45, upside momentum could speed up should Emerson Electric be able to break out to new highs for the year.


Market Conditions for EMR as at May 17, 2018

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