Emerson Electric Co. (NYSE: EMR)

Emerson Electric Co., a diversified technology company, designs and supplies products and technology, and delivers engineering services and solutions to the industrial, commercial, and consumer markets worldwide. The company was formerly known as The Emerson Electric Manufacturing Company and changed its name to Emerson Electric Co. in 2000. Emerson Electric Co. was founded in 1890 and is headquartered in St. Louis, Missouri.
Please take a look at the 1 yr. chart of EMR (Emerson Electric, Co.) that I have shown below with my added notations:

EMR had formed a nicely defined up-channel over the last 3 months. A channel is formed through the combination of a trend line support that runs parallel to a trend line resistance. When it comes to a channel any (3) points can start the channel, but it’s the 4th test and beyond that confirm it. You can see that EMR has multiple test points between the channel resistance (red) and the channel support (blue). Yesterday EMR broke the channel support and should be moving lower from here.

The Tale of the Tape: EMR broke out of the bottom up its up-channel. A short trade could be entered on any rallies up to the previous channel support. That line currently sits just above $67.
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