National Grid (NYSE:NGG) shares have crossed bullishly above their 10-day moving average of $68.64 on a volume of 254K 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 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.
Over the past year, National Grid has traded in a range of $67.01 to $77.21 and is now at $68.92, 3% above that low. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 0.3%.
National Grid (NYSE:NGG) has potential upside of 10.3% based on a current price of $68.92 and analysts' consensus price target of $76.00. The stock should find initial resistance at its 50-day moving average (MA) of $70.31 and further resistance at its 200-day MA of $72.46.