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

By David Diaz

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 $40.99 and $41.00 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. 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 operates projects throughout North America.

In the past 52 weeks, shares of Quanta Services have traded between a low of $31.68 and a high of $44.09 and closed yesterday at $40.60, which is 28% 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 remained constant.

Quanta Services has overhead space with shares priced $40.60, or 13.6% below the average consensus analyst price target of $47.00. The stock should hit resistance at its 50-day moving average (MA) of $41.49, as well as support at its 200-day MA of $38.41.

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

Keywords: bullish am inside day candle Quanta Services

Ticker(s): PWR