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National Grid Crosses Above its 10-day MA (NGG)

Published on Tue, 04/23/2013 - 11:14
By Adrienne Chilton

National Grid (NYSE:NGG) crossed over its 10-day moving average of $60.63 on a volume of 264K shares. This may provide short-term investors a chance for a long position, as such a crossover often suggests higher prices in the near term.

National Grid (NYSE:NGG) defies analysts with a current price ($61.60) 3.3% above its average consensus price target of $59.55. The stock should find initial support at its 50-day moving average (MA) of $56.75 and further support at its 200-day MA of $55.63.

In the past 52 weeks, National Grid share prices have been bracketed by a low of $49.55 and a high of $61.73 and are now at $61.60, 24% above that low price. The 200-day and 50-day moving averages have moved 0.20% higher and 0.62% higher over the past week, respectively.

National Grid PLC owns, operates and develops electricity and gas networks. The Group's electricity transmission and gas distribution networks are located throughout the United Kingdom and in the north-eastern section of the United States. They also own liquefied natural gas storage facilities in Britain and provide infrastructure services to the mobile telecom industry.

By Adrienne Chilton