OptionsPlay DailyPlay

The DailyPlay for March 16th is Consolidated Edison, Inc. (ED). ED is part of the Utilities Sector (XLU). XLU is in a bearish trend and testing its $43.69 resistance level on high volume. Utilities have experienced a 4.23% move lower over the last month.

Consolidated Edison, Inc. has been in a bearish trend for the last month and testing its $60.86 resistance level on high volume. As it shows negative momentum, ED looks to continue lower towards its $57.06 support level.

We are setting a stop loss at $62.42, as a move above this level will invalidate our analysis.

View this trade idea on $ED