Consolidated Edison Inc Stock Forecast
Consolidated Edison Inc stock downgraded to Hold/Accumulate
(Updated on Apr 25, 2024)
The Consolidated Edison Inc stock price gained 0.728% on the last trading day (Thursday, 25th Apr 2024), rising from $93.43 to $94.11. It has now gained 7 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 1.80% from a day low at $92.69 to a day high of $94.36. The price has risen in 9 of the last 10 days and is up by 6.28% 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, 190 thousand more shares were traded than the day before. In total, 2 million shares were bought and sold for approximately $200.55 million.
The stock lies in the upper part of a weak rising 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 $94.61 will firstly indicate a stronger rate of rising. Given the current short-term trend, the stock is expected to rise 2.11% during the next 3 months and, with a 90% probability hold a price between $89.39 and $96.61 at the end of this 3-month period.
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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 $92.30 and $90.03. 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 7.65%. 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 $1.67 between high and low, or 1.80%. For the last week the stock has had daily average volatility of 1.79%.
Since the Consolidated Edison Inc has been rising for 7 days in a row, the risk over the next couple of days has increased. As we cannot be certain with regards to the size of the reaction, we urge caution.
Our recommended stop-loss: $90.66 (-3.67%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 7 days ago.)
Trading Expectations (ED) For The Upcoming Trading Day Of Friday 26th
For the upcoming trading day on Friday, 26th we expect Consolidated Edison Inc to open at $93.72, and during the day (based on 14 day Average True Range), to move between $92.50 and $95.72, which gives a possible trading interval of +/-$1.61 (+/-1.71%) up or down from last closing price. If Consolidated Edison Inc takes out the full calculated possible swing range there will be an estimated 3.42% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ $90.90, some $3.21 (3.41%) from the current price of $94.11, our system finds the risk reward attractive.
Earnings coming up
Consolidated Edison Inc will release earnings BMO 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?
Consolidated Edison Inc holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.
Current score: 0.000 Hold/Accumulate Downgraded
Zero in score indicates that our system is expecting high volatility and risk for the following trading day. Given the latest developments, we cannot determine the next direction as it may go both ways.
Predicted Opening Price for Consolidated Edison Inc of Friday, April 26, 2024
| Fair opening price April 26, 2024 | Current price |
|---|---|
| $93.72 ( 0.414%) | $94.11 |
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 | 95.39 | 1.36 % | |
| R2 | 94.75 | 0.682 % | ||
| R1 | 94.36 | 0.263 % | ||
| Current price: | 94.11 | |||
| Support | S1 | 93.08 | -1.09 % | |
| S2 | 92.69 | -1.51 % | ||
| S3 | 92.05 | -2.19 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 0 | . | ||
| Current price | 94.11 | |||
| Support | S1 | 90.90 | -3.41% | |
| S2 | 90.33 | -4.02% | ||
| S3 | 86.67 | -7.91% |
ED Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Apr 18, 2024 | May 14, 2024 | Jun 14, 2024 | $0.83 | 0.88% |
| 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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