Here’s your trade on Emcor $EME – December 5, 2024
This is Scott McGregor at Scott Trades on Twitter with StockMarketMentor.com and your Chart of the Day. I want to take a look at Emcor Group ( NYSE: EME ).
This is not a highflyer like Bitcoin ( BTC-USD ) or MicroStrategy ( NASDAQ: MSTR ), which Dan Fitzpatrick talked about last night. I mainly trade Bitcoin ( BTC-USD ) and crypto and all that stuff, those are high-volatility assets and this is really not that. This is more of a slow-grower but it’s been in a nice uptrend here since September.
Maybe you’re looking for something that might calm down a little of the volatility in your portfolio and I think this has some potential. From a technical basis, again, Emcor ( NYSE: EME ) is in a nice strong uptrend, above all the major moving averages. We can see the 21-day EMA is pretty clear support here.
The stock hasn’t closed under the 21-day EMA since back here in November. So that’s pretty clear support and we can draw a bit of an upward-sloping channel here and show that this stock is definitely printing higher lows as it’s in consolidation. It’s also printing lower highs as it’s in consolidation. We have a bit of a pinching pattern here.
What I would look for on Emcor ( NYSE: EME ) is a move above $520.00 and a close above that zone, coming on volume. So ideally, it can break out of this little pinching pattern that it’s in, move above, close strong, and maybe give you another leg up in this uptrend if it does continue.
Earnings for this company aren’t until February, so you have a lot of time before you have to worry about anything like that. And as long as this stock can hold above the 21-day EMA I think it’s probably one that could be just a calm Steady Eddy trade in your portfolio.
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