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Possible Bullish Inside Day Candle Pattern Detected for Mastec Inc (NYSE:MTZ)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Mastec Inc (NYSE:MTZ) based on the price action in the company's shares. Yesterday's price range of $49.49 and $50.27 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. Traders and investors interested in shares of Mastec Inc may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Potential upside of 25.4% exists for Mastec Inc, based on a current level of $49.78 and analysts' average consensus price target of $62.42. Mastec Inc shares have support at the 50-day moving average (MA) of $49.06 and additional support at the 200-day MA of $46.19.

Over the past year, Mastec Inc has traded in a range of $37.24 to $53.80 and closed yesterday at $49.78, 34% above that low. The 200-day and 50-day moving averages have moved 0.33% higher and 0.11% lower over the past week, respectively.

MasTec, Inc., an infrastructure construction company, provides engineering, building, installation, maintenance, and upgrade services for communications, energy, and utility infrastructure primarily in the United States and Canada.

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

Keywords: bullish am inside day candle mastec inc

Ticker(s): MTZ