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Watch for Shares of Northeast Utilities (NU) to Approach Support at $41.45

Published on Tue, 06/11/2013 - 13:07
By Peter Chu

Shares of Northeast Utilities (NYSE:NU) opened today below their pivot of $42.15 and have already reached the first level of support at $41.76. Investors may be interested in a cross of the next downside pivot targets of $41.45 and $40.75.

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, Northeast Utilities share prices have been bracketed by a low of $36.68 and a high of $45.66 and are now at $41.87, 14% above that low price. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has remained constant.

There is potential upside of 10.7% for shares of Northeast Utilities based on a current price of $41.87 and an average consensus analyst price target of $46.36. The stock should hit resistance at its 50-day moving average (MA) of $43.78, as well as support at its 200-day MA of $40.60.

By Peter Chu
pchu@fnno.com

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