Consolidated Edison Bearish Signs

Published on Monday, 16 January 2012 20:06 Written by Danny Miller

New York, January 16th (TradersHuddle.com) - Shares of Consolidated Edison, Inc. (NYSE:ED) ended the trading session higher by $0.2 or 0.34% from its previous close. Edison's price action formed what is considered to be a bearish engulfing candlestick chart pattern.

Consolidated Edison, Inc. (NYSE:ED), through its subsidiaries, provides a variety of energy related services. The Company supplies electric service in New York, parts of New Jersey, and Pennsylvania as well as supplies electricity to wholesale customers.

Edison's current stock range is defined by calculated support defined at $58.81 and by the resistance level at $62.74, which should be used by traders planning their trades.

Traders wanting to establish a position in Consolidated Edison stock need to pay close attention at the bearish engulfing pattern, since it could mark a trend reversal to current Consolidated Edison shares price action. The Bearish engulfing pattern is a leading warning sign, therefore traders should closely monitor price action for indications of a trend reversal. Below an Engulfing Bearish Candle Illustration: