From a technical perspective, Consolidated Edison (ED) is looking like an interesting pick, as it just reached a key level of support. ED recently overtook the 200-day moving average, and this suggests a long-term bullish trend.
The 200-day simple moving average helps traders and analysts determine overall long-term market trends for stocks, commodities, indexes, and other financial instruments. The indicator moves higher or lower along with longer-term price moves, serving as a support or resistance level.
Shares of ED have been moving higher over the past four weeks, up 6.6%. Plus, the company is currently a Zacks Rank #3 (Hold) stock, suggesting that ED could be poised for a continued surge.
Looking at ED's earnings estimate revisions, investors will be even more convinced of the bullish uptrend. There have been 1 higher compared to none lower for the current fiscal year, and the consensus estimate has moved up as well.
Investors should think about putting ED on their watchlist given the ultra-important technical indicator and positive move in earnings estimate revisions.
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This article originally published on Zacks Investment Research (zacks.com).
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
