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Hawk’s Nest

Industrial Sees Bear Trade Adjust Out and Stay With Trend

by | Sep 16, 2022

Emerson (EMR) with buyers of 1000 Nov $85 puts at $8, rolling the Sept puts out and staying with the downtrend as it put in a ugly bear engulfing weekly candle being rejected at 21 week EMA and now under the key 80 level. EMR has a gap to fill below at near 71 from late 2020 which could be a magnet on the current selloff if the previous lows at 76 break. Weekly MACD is also seeing a bearish cross lower this week so momentum is quite weak. The deep in the money put buys show conviction in lower prices likely.