Consolidated Edison Inc Stock Forecast
Consolidated Edison Inc stock price ended at $93.43 on Wednesday, after gaining 0.636%.
(Updated on Apr 24, 2024)
The Consolidated Edison Inc stock price gained 0.636% on the last trading day (Wednesday, 24th Apr 2024), rising from $92.84 to $93.43. It has now gained 6 days in a row. It is not often that stocks manage to gain so many days in a row, and falls for a day or two should be expected. During the last trading day the stock fluctuated 2.66% from a day low at $91.32 to a day high of $93.75. The price has risen in 8 of the last 10 days and is up by 5.11% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 97 thousand more shares were traded than the day before. In total, 2 million shares were bought and sold for approximately $181.31 million.
The stockis at the upper part of a horizontal trend and normally this may pose a good selling opportunity but a break-up through the top trend line at $94.16 will give a strong buy signal and a trend shift could be expected. Given the current horizontal trend, you can expect Consolidated Edison Inc stock with a 90% probability to be traded between $88.61 and $95.68 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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ED Signals & Forecast
Mostly positive signals in the chart today. The Consolidated Edison Inc stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $91.35 and $89.91. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, April 16, 2024, and so far it has risen 6.87%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume is rising along with the price. This is considered to be a good technical signal.
Support, Risk & Stop-loss for Consolidated Edison Inc stock
Consolidated Edison Inc finds support from accumulated volume at $90.90 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the stock tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved $2.43 between high and low, or 2.66%. For the last week the stock has had daily average volatility of 1.77%.
Since the Consolidated Edison Inc has been rising for 6 days in a row, the risk over the next couple of days has increased. We don't expect a major reaction as the stock is in very good shape technically, and therefore hold a positive evaluation despite the very short term risk.
Our recommended stop-loss: $89.85 (-3.84%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 6 days ago.)
Trading Expectations (ED) For The Upcoming Trading Day Of Thursday 25th
For the upcoming trading day on Thursday, 25th we expect Consolidated Edison Inc to open at $92.83, and during the day (based on 14 day Average True Range), to move between $91.83 and $95.03, which gives a possible trading interval of +/-$1.60 (+/-1.72%) up or down from last closing price. If Consolidated Edison Inc takes out the full calculated possible swing range there will be an estimated 3.43% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ $90.90, some $2.53 (2.71%) from the current price of $93.43, our system finds the risk reward attractive.
Earnings coming up
Consolidated Edison Inc will release earnings AMC on Thursday, May 02, 2024.The consensus among the analysts for the expected earnings (EPS) is $1.89. We will update the financials statements for Consolidated Edison Inc, that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 1.89% in the first trading day after earnings release.
Is Consolidated Edison Inc stock A Buy?
Several short-term signals are positive and we conclude that the current level may hold a buying opportunity, as there is a fair chance for Consolidated Edison Inc stock to perform well in the short-term period.
Current score: 2.763 Buy Candidate Unchanged
Predicted Opening Price for Consolidated Edison Inc of Thursday, April 25, 2024
| Fair opening price April 25, 2024 | Current price |
|---|---|
| $92.83 ( 0.639%) | $93.43 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ED
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 95.26 | 1.96 % | |
| R2 | 94.34 | 0.97 % | ||
| R1 | 93.76 | 0.355 % | ||
| Current price: | 93.43 | |||
| Support | S1 | 91.91 | -1.63 % | |
| S2 | 91.33 | -2.25 % | ||
| S3 | 90.40 | -3.24 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 0 | . | ||
| Current price | 93.43 | |||
| Support | S1 | 90.90 | -2.71% | |
| S2 | 90.33 | -3.32% | ||
| S3 | 86.67 | -7.24% |
ED Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Apr 18, 2024 | May 14, 2024 | Jun 14, 2024 | $0.83 | 0.89% |
| 2 | Jan 18, 2024 | Feb 13, 2024 | Mar 15, 2024 | $0.83 | 0.93% |
| 3 | Oct 19, 2023 | Nov 14, 2023 | Dec 15, 2023 | $0.81 | 0.90% |
| 4 | Jul 20, 2023 | Aug 15, 2023 | Sep 15, 2023 | $0.81 | 0.89% |
| 5 | Apr 20, 2023 | May 16, 2023 | Sep 15, 2023 | $0.81 | 0.89% |
FAQ
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