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Possible Bearish Inside Day Candle Pattern Detected for Cons Edison Inc (NYSE:ED)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Cons Edison Inc (NYSE:ED) based on the price action in the company's shares. Yesterday's price range of $93.51 and $94.11 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Cons Edison Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, shares of Cons Edison Inc have traded between a low of $73.30 and a high of $94.97 and closed yesterday at $93.86, which is 28% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.5% while the 200-day MA has risen 0.2%.

Consolidated Edison, Inc., through its subsidiaries, engages in regulated electric, gas, and steam delivery businesses in the United States. The company offers electric services to approximately 3.5 million customers in New York City and Westchester County; gas to approximately 1.1 million customers in Manhattan, the Bronx, parts of Queens, and Westchester County; and steam to approximately 1,622 customers in parts of Manhattan.

Cons Edison Inc (NYSE:ED) is currently priced 17.7% above its average consensus analyst price target of $77.21. Cons Edison Inc shares have support at the 50-day moving average (MA) of $89.59 and additional support at the 200-day MA of $84.97.

SmarTrend recommended that subscribers consider buying shares of Cons Edison Inc on September 3rd, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $89.68. Since that recommendation, shares of Cons Edison Inc have risen 5.0%. We continue to monitor ED for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle cons edison inc

Ticker(s): ED