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

By Shiri Gupta

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 $37.35 and $38.07 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.

In the past 52 weeks, Quanta Services share prices have been bracketed by a low of $27.90 and a high of $41.00 and are now at $37.62, 35% 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 declined 1%.

There is potential upside of 24.9% for shares of Quanta Services based on a current price of $37.62 and an average consensus analyst price target of $47.00. Quanta Services shares have support at the 50-day moving average (MA) of $35.64 and additional support at the 200-day MA of $35.58.

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.

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

Keywords: bearish inside day candle Quanta Services

Ticker(s): PWR