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

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish 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 $76.42 and $77.18 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. Traders and investors interested in shares of Cons Edison Inc may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

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.

Potential upside of 0.8% exists for Cons Edison Inc, based on a current level of $76.69 and analysts' average consensus price target of $77.27. 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, Cons Edison Inc share prices have been bracketed by a low of $68.76 and a high of $89.70 and closed yesterday at $76.69, 12% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 0.4% while the 50-day MA has advanced 0.4%.

SmarTrend is tracking the current trend status for Cons Edison Inc and will alert subscribers who have ED in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle cons edison inc

Ticker(s): ED