EMR finds buyers again around 71.61
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.
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.
Even though both sentiments are bullish for the next trading day, the classical technical analysis metrics are only bullish while our quantitative statistics show a very bullish sentiment.
Market Conditions for Emerson Electric Company
|Close to R1 Resistance||TQ Pro Members Only|
|White Candle||TQ Pro Members Only|
|Close to S1 Support||TQ Pro Members Only|
|Closed above last periods high||TQ Pro Members Only|
|Bounced off Technical Resistance R1||TQ Pro Members Only|
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