EMR - Bullish Engulfing and Likely Bottom

Written by MrStockFox. Posted in Trade Ideas

EMR is a company that I would like to build a large position in and at these levels it just makes sense.  It currently pays a 4.3% dividend that has been growing each year on average by 8.5% over the last decade.  The company has been raising its dividend every year for over 50 years.  

On the weekly chart below we are currently at a major support zone.  The RSI is typically in a place that produces bottoms.  On the daily chart above we had a bullish engulfing candlestick today.  Also we have positve divergence on both the RSI and MACD.  A break over the downtrend should produce some upward movement and likely bottom.

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