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

By James Quinn

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 $73.00 and $74.64 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.

Based on a current price of $74.45, Consolidated Edison is currently 16.4% above its average consensus analyst price target of $62.25. Consolidated Edison shares have support at the 50-day moving average (MA) of $74.17 and additional support at the 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.

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 closed yesterday at $74.45, 31% 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 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 am inside day candle Consolidated Edison

Ticker(s): ED