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Possible Bearish Inside Day Candle Pattern Detected for Mastec Inc (NYSE:MTZ)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Mastec Inc (NYSE:MTZ) based on the price action in the company's shares. Yesterday's price range of $48.78 and $49.65 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Mastec Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Mastec Inc share prices have moved between a 52-week high of $54.70 and a 52-week low of $37.24 and closed yesterday at 33% above that low price at $49.56 per share. The 200-day and 50-day moving averages have moved 0.16% higher and 0.31% higher over the past week, respectively.

Mastec Inc has overhead space with shares priced $49.56, or 20.6% below the average consensus analyst price target of $62.42. The stock should find initial support at its 50-day moving average (MA) of $49.40 and further support at its 200-day MA of $45.20.

MasTec, Inc., an infrastructure construction company, provides engineering, building, installation, maintenance, and upgrade services for communications, energy, and utility infrastructure primarily in the United States and Canada.

SmarTrend is tracking the current trend status for Mastec Inc and will alert subscribers who have MTZ in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle mastec inc

Ticker(s): MTZ