ED closes higher for the 2nd day in a row
Consolidated Edison Inc. (ED) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, ED ended the week 1.64% higher at 94.30 after gaining $0.66 (0.7%) today, outperforming the S&P 500 (0.18%) ahead of tomorrow's Presidents' Day market holiday.
Daily Candlestick Chart (ED as at Feb 14, 2020):
Friday's trading range has been $0.73 (0.78%), that's far below the last trading month's daily average range of $1.09. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for ED.
Two candlestick patterns are matching today's price action, the Bullish Short Candle and the White Candle which are both known as bullish patterns. The last time a Bullish Short Candle showed up on December 27, 2019, ED gained 0.28% on the following trading day.
Prices are trading close to the key technical resistance level at 94.68 (R1).
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
With prices trading close to this year's high at 95.10, upside momentum might speed up should Consolidated Edison be able to break out to new highs for the year.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Short Candle" stand out. Its common bullish interpretation has been confirmed for Consolidated Edison. Out of 75 times, ED closed higher 50.67% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after eight trading days, showing a win rate of 60.00% with an average market move of 0.17%.