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Possible Bearish Inside Day Candle Pattern Detected for Quanta Services (NYSE:PWR)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Quanta Services (NYSE:PWR) based on the price action in the company's shares. Yesterday's price range of $32.31 and $32.68 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 Quanta Services may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Quanta Services share prices have moved between a 52-week high of $40.10 and a 52-week low of $31.02 and closed yesterday at 5% above that low price at $32.58 per share. The 200-day and 50-day moving averages have moved 0.29% lower and 0.45% lower over the past week, respectively.

Quanta Services, Inc. provides specialized contracting services to electric utilities, telecommunication and cable television operators, and governmental entities. The Company also installs transportation control and lighting systems and provides specialty electric power and communication services for industrial and commercial customers. Quanta operates projects throughout North America.

Quanta Services has overhead space with shares priced $32.58, or 30.7% below the average consensus analyst price target of $47.00. The stock should find initial resistance at its 50-day moving average (MA) of $33.75 and further resistance at its 200-day MA of $34.90.

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

Keywords: bearish am inside day candle Quanta Services

Ticker(s): PWR