PWR closes above its opening price after recovering from early selling pressure


Quanta Services Inc. (PWR) Technical Analysis Report for Jul 13, 2018 [1 min read]
Highlights
PWR closes above its opening price after recovering from early selling pressure
PWR closes within previous day's range after lackluster session
PWR ends the day indecisive
TQ Sentiment
Report Sentiment: 28% Bullish
Technical Forecast:
Overview

PWR ended the week -0.47% lower at 33.68 after gaining $0.14 (0.42%) today. Trading up to $0.12 lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the previous day's range, prices failed to decisively move past the prior day's trading range in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for PWR
Volatility

Friday's trading range was $0.27 (0.8%), that's far below last trading month's daily average range of $0.64. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being below average.

Price Action

During the whole day, prices traded within the previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar.

Support/Resistance

Prices are trading close to a key support level at 33.30. Prices are trading close to the key resistance level at 34.03.

Trend

While still in a long-term downtrend, the short and medium-term trends both turned bullish already.

Order Flow

Selling might accelerate should prices move below the close-by swing low at 33.30 where further sell stops could get triggered. Further selling might move prices lower should the market test June's nearby low at 32.83.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

Market Conditions for Quanta Services Inc.
ConditionForecastDirectionWinAvgWorstBestEvents
Close to Swing Low TQ Pro Members Only
Doji TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Gravestone Doji TQ Pro Members Only
Bounced off Technical Support S1 TQ Pro Members Only
More market conditions identified for TQ Pro members...
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Latest Report:

PWR finds buyers at key support level

Jul 20, 2018
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