More Upside for Consolidated Edison ?

Published on Friday, 27 July 2012 12:34 Written by TradersHuddle Wire

New York, July 27th (TradersHuddle.com) - Shares of Consolidated Edison, Inc. (NYSE:ED) booked a new 52 week high today by trading above $64.54, traders are definitely monitoring Edison's price action to see if this move attracts further buying into the stock.

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.

Consolidated Edison is currently trading 0.99% versus its previous trading session close, and it has calculated support and resistance at $58.34 and $63.64 respectively. Clearly, with this action this range has been penetrated, and traders will be reviewing price action to establish a new tradable range.

The overall market index S&P 500 is trading higher by 1.16% from its previous trading close, which means that Consolidated Edison stock is underperforming the overall market.