Possible Bearish Inside Day Candle Pattern Detected for Consolidated Edison (NYSE:ED)
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 $76.56 and $77.08 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.
Based on a current price of $76.66, Consolidated Edison is currently 18.8% above its average consensus analyst price target of $62.25. 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.
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 $76.66, 35% 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.
SmarTrend is monitoring the recent change of momentum in Consolidated Edison. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Consolidated Edison in search of a potential trend change.
Keywords: bearish inside day candle Consolidated Edison