Consolidated Edison Inc Stock Forecast
Stronger technical forecast for Consolidated Edison Inc stock price after Thursday trading.
(Updated on Mar 28, 2024)
The Consolidated Edison Inc stock price gained 0.84% on the last trading day (Thursday, 28th Mar 2024), rising from $90.05 to $90.81. During the last trading day the stock fluctuated 1.24% from a day low at $89.79 to a day high of $90.90. The price has been going up and down for this period, and there has been a 2.41% gain for the last 2 weeks. Volume fell on the last day by -134 thousand shares and in total, 2 million shares were bought and sold for approximately $162.17 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The stock lies the upper part of a falling trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break up at the top trend line at $91.01 will firstly indicate a slower falling rate, but may be the first sign of a trend shift. Given the current short-term trend, the stock is expected to fall -3.95% during the next 3 months and, with a 90% probability hold a price between $81.45 and $87.41 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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ED Signals & Forecast
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 $89.01 and $88.57. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Monday, February 26, 2024, and so far it has risen 5.34%. Further rise is indicated until a new top pivot has been found. Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely. Some negative signals were issued as well, and these may have some influence on the near short-term development. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for Consolidated Edison Inc stock
Consolidated Edison Inc finds support from accumulated volume at $89.67 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 $1.11 between high and low, or 1.24%. For the last week the stock has had daily average volatility of 1.50%.
Our recommended stop-loss: $86.18 (-5.10%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 23 days ago.)
Trading Expectations (ED) For The Upcoming Trading Day Of Monday 1st
For the upcoming trading day on Monday, 1st we expect Consolidated Edison Inc to open at $90.50, and during the day (based on 14 day Average True Range), to move between $89.41 and $92.21, which gives a possible trading interval of +/-$1.40 (+/-1.54%) up or down from last closing price. If Consolidated Edison Inc takes out the full calculated possible swing range there will be an estimated 3.08% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $90.90 (0.10%) than the support at $89.67 (1.26%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is Consolidated Edison Inc stock A Buy?
Several short-term signals are positive, despite the stock being in a falling trend, we conclude that the current level may hold a buying opportunity as there is a fair chance for stock to perform well in the short-term. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.
Current score: 1.998 Buy Candidate Upgraded
Predicted Opening Price for Consolidated Edison Inc of Monday, April 1, 2024
Fair opening price April 1, 2024 | Current price |
---|---|
$90.50 ( 0.341%) | $90.81 |
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 | 91.61 | 0.88 % | |
R2 | 91.19 | 0.414 % | ||
R1 | 90.92 | 0.126 % | ||
Current price: | 90.81 | |||
Support | S1 | 90.08 | -0.81 % | |
S2 | 89.81 | -1.10 % | ||
S3 | 89.39 | -1.56 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 91.62 | 0.89 % | |
R2 | 91.25 | 0.485 % | ||
R1 | 90.90 | 0.0991 % | ||
Current price | 90.81 | |||
Support | S1 | 89.67 | -1.26% | |
S2 | 88.94 | -2.06% | ||
S3 | 86.67 | -4.56% |
ED Dividend Payout History
# | Ex-Date | Pay Date | Amount | Yield | |
---|---|---|---|---|---|
1 | Jan 18, 2024 | Feb 13, 2024 | Mar 15, 2024 | $0.83 | 0.93% |
2 | Oct 19, 2023 | Nov 14, 2023 | Dec 15, 2023 | $0.81 | 0.90% |
3 | Jul 20, 2023 | Aug 15, 2023 | Sep 15, 2023 | $0.81 | 0.89% |
4 | Apr 20, 2023 | May 16, 2023 | Sep 15, 2023 | $0.81 | 0.89% |
5 | Jan 19, 2023 | Feb 14, 2023 | Mar 15, 2023 | $0.81 | 0.85% |
FAQ
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