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

By Nick Russo

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. Today's price range of $23.92 and $24.28 is within yesterday'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, 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 performs projects across the United States.

In the past 52 weeks, shares of Quanta Services have traded between a low of $16.77 and a high of $30.61 and are now at $24.17, which is 44% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.3% while the 50-day MA has advanced 1.7%.

Potential upside of 9.0% exists for Quanta Services, based on a current level of $24.17 and analysts' average consensus price target of $26.36. The stock should discover initial support at its 200-day moving average (MA) of $22.10 and subsequent support at its 50-day MA of $21.83.

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 inside day candle Quanta Services

Ticker(s): PWR