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2/2/99 Con Edison (ED)
Points to watch: Con Ed stock has been
weakening since October. Weekly RSI and MACD both showed strong negative
divergences with price at the October peak. The stock has fallen below its 21 day moving
average (50.92), 55 day moving average (51.71), and 100 day moving average (50.6) for the
first time since mid August. On Monday ED fell below support at 49: the 50%
retracement of its August-October rally. The stock closed just above its 200 day
moving average (48) on Monday. The 200 day has acted as support over the past year
and ED successfully tested and held this level in August. Gann support exists at
47.5. Sell or short ED if it fails to hold these 2 support levels. The daily
MACD signal line gave a sell signal on 1/13. Daily and weekly OBV, RSI, and
stochastics are all in downtrends.
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Last modified: April 02, 2001
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