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Watch for Shares of Northeast Utilities (NU) to Approach Resistance at $40.96

Published on Wed, 01/30/2013 - 10:39
By Mallory Stone

Shares of Northeast Utilities (NYSE:NU) have bullishly opened above the pivot of $40.48 today and have reached the first resistance level of $40.80. Should the shares continue to rise, the resistance pivots of $40.96 and $41.44 will be of interest.

Northeast Utilities is a public utility holding company. The Company, through its subsidiaries, provides retail electric service to customers in Connecticut, New Hampshire, and western Massachusetts. Northeast also distributes natural gas throughout Connecticut.

In the past 52 weeks, shares of Northeast Utilities have traded between a low of $34.32 and a high of $40.86 and are now at $40.74, which is 19% above that low price. Over the past week, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has advanced 0.4%.

There is potential upside of 5.5% for shares of Northeast Utilities based on a current price of $40.74 and an average consensus analyst price target of $43.00. The stock should find initial support at its 50-day moving average (MA) of $39.05 and further support at its 200-day MA of $38.28.

By Mallory Stone