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

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Consolidated Edison (NYSE:ED) based on the price action in the company's shares. Yesterday's price range of $78.80 and $79.56 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 Consolidated Edison 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.

In the past 52 weeks, shares of Consolidated Edison have traded between a low of $56.86 and a high of $81.88 and closed yesterday at $79.42, which is 40% above that low price. The 200-day and 50-day moving averages have moved 0.42% higher and 0.44% higher over the past week, respectively.

Based on a current price of $79.42, Consolidated Edison is currently 21.6% above its average consensus analyst price target of $62.25. The stock should discover initial support at its 50-day moving average (MA) of $74.17 and subsequent support at its 200-day MA of $67.57.

SmarTrend recommended that subscribers consider buying shares of Consolidated Edison on June 3rd, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $74.98. Since that recommendation, shares of Consolidated Edison have risen 5.1%. We continue to monitor ED for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle Consolidated Edison

Ticker(s): ED