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

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Consolidated Edison (NYSE:ED) based on the price action in the company's shares. Today's price range of $78.01 and $78.50 is within yesterday'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 Consolidated Edison 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, Consolidated Edison share prices have been bracketed by a low of $56.86 and a high of $81.88 and are now at $78.06, 37% above that low price. Over the past week, the 200-day moving average (MA) has gone up 0.4% while the 50-day MA has advanced 0.4%.

Consolidated Edison, Inc., through its subsidiaries, provides a variety of energy related products and services. The Company supplies electric service in New York, parts of New Jersey, and Pennsylvania as well as supplies electricity to wholesale customers.

Based on a current price of $78.06, Consolidated Edison is currently 7.4% above its average consensus analyst price target of $72.32. The stock should find initial support at its 50-day moving average (MA) of $74.17 and further support at its 200-day MA of $67.57.

SmarTrend recommended that subscribers consider buying shares of Consolidated Edison on November 29th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $72.79. Since that recommendation, shares of Consolidated Edison have risen 7.9%. We continue to monitor ED for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle Consolidated Edison

Ticker(s): ED