After reaching an important support level, Consolidated Edison (ED) could be a good stock pick from a technical perspective. ED surpassed resistance at the 200-day moving average, suggesting 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 9.3%. Plus, the company is currently a Zacks Rank #3 (Hold) stock, suggesting that ED could be poised for a continued surge.
Once investors consider ED's positive earnings estimate revisions, the bullish case only solidifies. No estimate has gone lower in the past two months for the current fiscal year, compared to 3 higher, and the consensus estimate has increased as well.
Investors may want to watch ED for more gains in the near future given the company's key technical level and positive earnings estimate revisions.
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