Emerson Is Moving Above Resistance
Published on Monday, 30 July 2012 08:36 Written by TradersHuddle Wire
New York, July 30th (TradersHuddle.com) - Shares of Emerson Electric Co. (NYSE:EMR) closed the session at $48.03 just above calculated resistance at $47.48. The stock effectively broke out and grasped the attention of momentum traders, which could eventually push the stock to a different trading range.
Emerson Electric Co. (NYSE:EMR) manufactures and markets electrical, electromechanical, and electronic products and systems. The Company produces a variety of products, including process control, industrial automation, electronics, appliance components, and electric motors. The company was founded in 1890 and is based in St. Louis, Missouri.
The stock was trading in a well defined range with support at $45.01 and resistance at $47.48. Given that this range was broken, traders will be closely monitoring Emerson's price action to gather clues on the future direction.
From a technical perspective, it can be expected that previous resistance becomes support, as the new range gets defined. However, given that Emerson is still near the broken resistance level, traders will be focusing on the $47.48 level to see if the stock holds the breakout without rolling over.
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