PWR closes above its opening price after recovering from early selling pressure
Quanta Services Inc. (PWR) Technical Analysis Report for Jul 13, 2018 | by Techniquant Editorial Team
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 Candlestick Chart (PWR as at Jul 13, 2018):
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.
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.
Prices are trading close to a key support level at 33.30. Prices are trading close to the key resistance level at 34.03.
While still in a long-term downtrend, the short and medium-term trends both turned bullish already.
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.