PWR closes lower for the 2nd day in a row
Quanta Services Inc. (PWR) Technical Analysis Report for Apr 16, 2019 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, PWR ended Tuesday at 40.15 losing $0.09 (-0.22%), slightly underperforming the S&P 500 (0.05%). Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (PWR as at Apr 16, 2019):
Tuesday's trading range has been $0.31 (0.77%), that's far below the last trading month's daily average range of $0.63. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for PWR.
During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying could accelerate should prices move above the nearby swing high at 40.47 where further buy stops might get activated. Selling could speed up should prices move below the close-by swing low at 39.55 where further sell stops might get triggered.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing Low" stand out. While it is usually interpreted as neutral, it has actually shown to be bullish for Quanta Services. Out of 681 times, PWR closed higher 53.74% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 53.89% with an average market move of 0.85%.