Consolidated Edison rallied to highs over $80 over the last few months.
Lately however, we are seeing reasons to believe that a larger correction may be starting. From late April to early May we saw bearish divergence between price and the GoNoGo Oscillator with price making a higher high and the oscillator making a lower high. Then, the GoNoGo oscillator rode the zero line and price tested support at the trend-line. Finally price has broken below the trend line as the GoNoGo Trend has fallen out of the “Go” colors and is painting a new amber, non directional “Go Fish” bar. Confirming, the GoNoGo Oscillator has failed to find support at the zero line and has dipped into negative territory.
