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

By Nick Russo

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. Today's price range of $22.96 and $23.25 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. 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, 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 13.8% for shares of Quanta Services based on a current price of $23.17 and an average consensus analyst price target of $26.36. The stock should discover initial support at its 50-day moving average (MA) of $22.40 and subsequent support at its 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 are now trading 38% above that low price at $23.17 per share. Over the past week, the 200-day moving average (MA) has gone down 0.4% while the 50-day MA has advanced 1.7%.

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 13.3%. We continue to monitor PWR for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish inside day candle Quanta Services

Ticker(s): PWR