Emerson Electric is a multinational conglomerate that operates under two business platforms: Automation Solutions and Commercial and Residential Solutions. Emerson Electric Co (EMR) moved into the Favored Zone of the SIA S&P 100 Index Report back on Nov 23, 2020, at a price of $77.81. Today the shares are at $104.11 representing a 33.8% price appreciation since then. It briefly went into the Neutral Zone earlier in June and July but the SMAX remained positive. Currently, it occupies the #19 spot in the SIA S&P 100 Index Report.
In analyzing the Candlestick Chart, we see the shares have been in a steady uptrend since it broke out of its sideways consolidation pattern in early November 2020. It recently broke above its last resistance point at approximately the $98.00 price level signalling a potential move higher to the quickly approaching $105.00 level where next resistance lies. Support can be found at $98.00.
In today’s edition of the Daily Stock Report, we are going to take a look at Emerson Electric Co (EMR). This is the first time we have ever looked at Emerson Electric in our Daily Report.
In the attached Point and Figure chart at a 1% scale, we see the shares recently broke above the $98.63 price level which has been the old high achieved in both June and July of this year. The shares are now exhibiting a positive Triple Top pattern.
Resistance can now be found at $106.80 based on a measured move, and above that, the $113.37 level. To the downside, support is at the psychological as well as the 3 box reversal level of $100.00 and, below that, $91.08. With an SMAX of 9 out of 10, Emerson Electric is exhibiting near term strength against all the asset classes.
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