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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 $44.78 and $45.60 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. is a specialty contractor operating across a range of industries. The Company activities are the building, installation, maintenance, and upgrade of utility and communications infrastructure, including electrical utility transmission and distribution, wind farms, solar farms, renewable energy and natural gas infrastructure, wireless, and wireline.

Over the past year, Mastec Inc has traded in a range of $37.24 to $55.52 and closed yesterday at $45.78, 23% above that low. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.8%.

Mastec Inc (NYSE:MTZ) has potential upside of 36.3% based on a current price of $45.78 and analysts' consensus price target of $62.42. The stock should find resistance at its 200-day moving average (MA) of $45.81, as well as support at its 50-day MA of $43.44.

SmarTrend is monitoring the recent change of momentum in Mastec Inc. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Mastec Inc in search of a potential trend change.

Keywords: bearish am inside day candle mastec inc

Ticker(s): MTZ