Trade Ideas: EME

The Russell 2000 is generating a little breathing space on yesterday's breakout. Large caps are making another attempt to close with breakouts of their own. Reasonable buying in the Trade Ideas scan: 8 picks covered a time span of 4 minutes.

There were a number of picks pushing above the 20 appearance mark.: VNO (36), GCO (26), WYN (49), CBE (23), SLF (27), DKS (23) and EME (39). One of the first to break above the mark was Emcor Group (EME).

The stock trades inside a declining channel, having bounced off support (c$55) on a MACD trigger 'buy' - also $1 above the 200-day MA. The stock has managed to post a new reaction high, closing above both 20-day and 50-day MAs, and currently sits on the verge of a channel breakout. The point-n-figure chart is a little mixed with a bullish reversal signal, but a bearish target of $47. A measured move would take it to around $75.

EMCOR Group, Inc. provides mechanical and electrical construction and facilities services worldwide. The company, through its subsidiaries, designs, integrates, installs, starts up, operates, and maintains various electrical and mechanical systems, including heating, ventilation, air conditioning, refrigeration, and clean room process ventilation; plumbing, process, and purity; fire protection; lighting; voice and data communications; and low voltage systems, such as fire alarm, security, communications, and process control. It also provides facilities services, such as site based operations and maintenance; mobile maintenance and services; facilities management; remote monitoring; installation and support for building systems; technical consulting and diagnostic service; small modification and retrofit projects; and program development and management for energy systems. EMCOR Group serves commercial, industrial, utility, and institutional customers. It provides construction and facilities services directly to corporations, municipalities, and other governmental entities; owners/developers; and tenants of buildings, as well as acts as a subcontractor to general contractors, systems suppliers, and other subcontractors. The company was founded in 1966. It was formerly known as JWP, Inc. and changed its name to EMCOR Group, Inc. in 1994. EMCOR Group is headquartered in Norwalk, Connecticut.




If you would like to try a full version of the Trade-Ideas software, follow this link for a free 7-day trial.


Popular posts from this blog

S&P "Bull Trap"?

Image
I thought there was sufficient evidence to argue against a "bull trap" in the S&P, but it would appear the market wasn't interested in such thoughts and sellers were quick to reverse the initial push above 4,200.  Adding to the pain were new 'sell' triggers in MACD and On-Balance-Volume, although the former occurred above the 'bullish' zero line, making it a weak signal. Selling volume ranked as distribution as selling momentum picked up speed.  The index is also underperforming relative to the Russell 2000. 
Read more

"Black Candlesticks" are a concern for the S&P and Nasdaq

Image
A bright start for bulls on the back of positive $NVDA earnings wasn't enough to generate a day of meaningful gains.  However, it did help stall the losses of the last couple of days. The Nasdaq was the biggest beneficiary of today's action, but not enough to see an end-of-day finish that cleared last week's swing high, nor delivery of a large white candlestick, despite the morning breakout gap.  Technicals are net bullish and relative performance against the S&P has become consistently stronger since the start of May.  While today's candlestick I would view as typically 'bearish', today's volume ranked as confirmed accumulation (bullish). Overall, I would be looking for higher prices from here. 
Read more

Round 2 for the bearish "black" candlestick in S&P and Nasdaq

Image
The Nasdaq started brightly but ended up closing below its open price, but above yesterday's close. The S&P did something similar, although the intraday range is narrower. These two setups are somewhat complicated by the new 'buy' triggers in On-Balance-Volume for both the Nasdaq and S&P. And the new MACD trigger 'buy' for the S&P. Price action is key, so I would expect the candlestick to trump the technical picture; watch for lower prices tomorrow.
Read more

Archive

Show more