Consolidated Edison Inc Forecast and Stock Analysis
Technical ED stock analysis for March 18, 2019.
|Shorts||5.64% ( 2019-02-28 )|
Consolidated Edison Inc fell by -0.17% in the last day from $84.84 to $84.70 and has now fallen 4 days in a row. The price has risen in 6 of the last 10 days and is up by 1.8% over the past 2 weeks. Volume fell in the last day along with the stock, which is actually a good sign as volume should follow the stock. In the last day the trading volume fell by -1.80 million shares and in total 2.40 million shares bought and sold for approximately $203.66 million.
Close price at the end of the last trading day (Monday, 18th Mar 2019) of the ED stock was $84.70. This is 0.17% less than the trading day before Friday, 15th Mar 2019.
During day the stock fluctuated 1.09% from a day low at $84.25 to a day high of $85.17.
30 day high of the ED stock price was $85.57 and low was $78.18.
90 day high was $85.57 and low was $73.30.
52 week high for the Consolidated Edison Inc - $85.57 and low - $71.12.
Consolidated Edison Inc lies in the upper part of a strong rising trend in the short term, and this will 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 $85.62 will firstly indicate a stronger raising rate. Given the current short-term trend, the stock is expected to rise 11.29% during the next 3 months and, with 90% probability hold a price between $89.69 and $95.29 at the end of this period.
Consolidated Edison Inc holds buy signals from both short- and long-term moving averages. In addition, 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 $84.67 and $80.53. A break down below any of these levels will issue sell signals. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sales signal was issued from a pivot top point on Wednesday March 13, 2019, which indicates further falls until a new bottom pivot has been found. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
* Golden Star Signal* is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the stock in question.
Relative Strength Index (RSI)
RSI14 is 85 and the stock is extremely overbought on RSI14, so further reactions should be expected. Some stocks may have a long and hard correction after reaching so high an RSI, but not in all cases. However, the short-term risk has increased drastically and larger movements in the next couple of days can be expected.
Support & Resistance
Consolidated Edison Inc finds support from accumulated volume at $82.10.
This stock is usually traded at good volume, and with minor daily changes the risk is considered to be low. During the last day, the stock moved $0.92 (1.09%) between high and low. For the last week, the stock has had a daily average volatility of 1.03%.
The stock is overbought on RSI14 and lies in the upper part of the trend. Normally this will pose a good selling opportunity for the short-term trader, but some stocks may go long and hard while being overbought. Regardless, the high RSI together with the trend position increases the risk and higher daily movements (volatility) should be expected. A correction down in the nearby future seems very likely and it is of great importance that the stock manages to break the trend before that occurs.
Our recommended stoploss: $81.49 (-3.79%) (This stock has low daily movements and this gives low risk. The RSI14 is 85 and this increases the risk substantially. There is a sell signal from pivot top found 3 days ago.)
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Evaluation: Buy Candidate
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for this stock to perform well in the short-term.