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CONSOLIDATED EDISON INC COM STK USD0.10CONSOLIDATED EDISON INC COM STK USD0.10CONSOLIDATED EDISON INC COM STK USD0.10

CONSOLIDATED EDISON INC COM STK USD0.10

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0I35 trade ideas

ED with break out of the rising wedge, strong up potentialED is a bullish and strong fundamental stock, so we would only trade it in a long position. Currently, ED is forming a very strong bullish pattern called a rising wedge after a rise-up. With prices breaking out of that pattern, the move could be very strong and fast. However, the advantage and disadvantage for bulls at the same time is big resistance, which is just above our entry point. The volume is very strong due to the good report. It is below all major moving averages, which is bearish, but with the potential in one day to change that story. The RSI did bounce from oversold territory and is now neutral. The MACD histogram is ticking lower and lower with a red candle, which is a bullish sign, while the MACD line is trying to cross over the signal line, which will be a strong buy signal. Overall, ED is in a situation where a pump could bring the price breaking above the pattern, which would trigger tons of buying orders. It would also cross above the 20-day and 200-day moving averages and maybe even the 50-day moving average, which would be very bullish for the stock. Now would be the best time for bulls to step in and start to buy because if we test the lower trend line again from this pattern, then all those moving averages will not be in the same place and would be organized differently, representing resistance on several levels. If we break now, this resistance will become very strong support.
NYSE:EDLong
by Consistent_Trades