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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. Yesterday's price range of $23.70 and $24.00 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, 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.

There is potential upside of 10.1% for shares of Quanta Services based on a current price of $23.94 and an average consensus analyst price target of $26.36. Quanta Services shares have support at the 50-day moving average (MA) of $22.40 and additional support at the 200-day MA of $21.95.

Quanta Services share prices have moved between a 52-week high of $30.61 and a 52-week low of $16.77 and closed yesterday at 43% above that low price at $23.94 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.7% while the 200-day MA has slid 0.4%.

SmarTrend recommended that subscribers consider buying shares of Quanta Services on February 29th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $20.17. Since that recommendation, shares of Quanta Services have risen 19.2%. We continue to monitor PWR for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle Quanta Services

Ticker(s): PWR