ED dominated by bulls lifting the market higher throughout the day
Consolidated Edison Inc. (ED) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, ED ended Thursday at 75.92 gaining $4.99 (7.04%) on low volume, outperforming the S&P 500 (6.24%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 74.46, the share confirmed its breakout through the prior session high after trading up to $2.27 above it intraday.
Daily Candlestick Chart (ED as at Mar 26, 2020):
Thursday's trading range has been $6.53 (9.25%), that's slightly above the last trading month's daily average range of $6.49. Weekly volatility is also higher, being above the market's average weekly trading range. The longer-term, monthly volatility is currently strongly higher than usual for ED.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on March 17th, ED actually lost -1.79% on the following trading day.
Prices are trading close to the key technical resistance level at 78.43 (R1).
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Close near high of period" stand out. Its common bullish interpretation has been confirmed for Consolidated Edison. Out of 693 times, ED closed higher 55.27% of the time on the next trading day after the market condition occurred.