Consolidated Edison (ED) reached a significant support level, and could be a good pick for investors from a technical perspective. Recently, ED broke through the 200-day moving average, which suggests a long-term bullish trend.
The 200-day simple moving average is widely-used by traders and analysts, and helps establish market trends for stocks, commodities, indexes, and other financial instruments over the long term. The indicator moves higher or lower together with longer-term price moves, serving as a support or resistance level.
Shares of ED have been moving higher over the past four weeks, up 10.2%. Plus, the company is currently a Zacks Rank #3 (Hold) stock, suggesting that ED could be poised for a continued surge.
The bullish case solidifies once investors consider ED's positive earnings estimate revisions. No estimate has gone lower in the past two months for the current fiscal year, compared to 3 higher, while the consensus estimate has increased too.
With a winning combination of earnings estimate revisions and hitting a key technical level, investors should keep their eye on ED for more gains in the near future.
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Consolidated Edison Inc (ED) : Free Stock Analysis Report
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