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

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Quanta Services (NYSE:PWR) based on the price action in the company's shares. Yesterday's price range of $30.56 and $31.26 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 Quanta Services may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Quanta Services (NYSE:PWR) has potential upside of 51.4% based on a current price of $31.05 and analysts' consensus price target of $47.00. Quanta Services shares should first meet resistance at the 50-day moving average (MA) of $33.42 and find additional resistance at the 200-day MA of $34.67.

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.

In the past 52 weeks, Quanta Services share prices have been bracketed by a low of $30.25 and a high of $40.10 and closed yesterday at $31.05, 3% above that low price. The 200-day and 50-day moving averages have moved 0.44% lower and 0.68% lower over the past week, respectively.

SmarTrend recommended that its subscribers protect gains by selling shares of Quanta Services on September 26th, 2018 by issuing a Downtrend alert when the shares were trading at $33.40. Since that call, shares of Quanta Services have fallen 9.3%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish am inside day candle Quanta Services

Ticker(s): PWR