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

By David Diaz

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. Today's price range of $73.00 and $73.92 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. 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 (NYSE:ED) is currently priced 15.8% above its average consensus analyst price target of $62.25. Consolidated Edison shares should encounter resistance at the 50-day moving average (MA) of $74.17 and support at its 200-day MA of $67.57.

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.

Consolidated Edison share prices have moved between a 52-week high of $81.88 and a 52-week low of $56.86 and are now trading 30% above that low price at $73.90 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.4% while the 200-day MA has risen 0.4%.

SmarTrend recommended that its subscribers protect gains by selling shares of Consolidated Edison on August 5th, 2016 by issuing a Downtrend alert when the shares were trading at $78.15. Since that call, shares of Consolidated Edison have fallen 6.7%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish inside day candle Consolidated Edison

Ticker(s): ED