Empresa Nacional de Electricidad (NYSE:EOC) traded in a range yesterday that spanned from a low of $51.13 to a high of $51.82. Yesterday, the shares gained 0.59%, which took the trading range above the 3-day high of $51.21 on volume of 119,000 shares.
Shares of Empresa Nacional de Electricidad are currently trading above their 50-day moving average (MA) of $46.49 and above their 200-day MA of $48.24. Look for these MAs to provide support for a short-term pullback in the shares.
SmarTrend is bullish on shares of Empresa Nacional de Electricidad and our subscribers were alerted to Buy on July 22, 2010 at $49.70. The stock has risen 3.5% since the alert was issued.
SmarTrend has the shares in an Uptrend and expects the share price to pullback toward the $51.21 support level. Afterwards, we expect it to move upward with its peers in the SmarTrend Foreign Utilities industry.