PWR ends the day indecisive


Quanta Services Inc. (PWR) Technical Analysis Report for Apr 16, 2018 [1 min read]
Highlights
PWR pushes through 20-day moving average
PWR unable to break through key resistance level
PWR finds support at 20-day moving average
PWR rises to highest close since April 5th
PWR stuck within tight trading range
TQ Sentiment
Report Sentiment: 25% Bullish
Technical Forecast:
Overview

PWR ended Monday at 34.54 gaining $0.39 (1.14%) on low volume. Today's closing price of 34.54 marks the highest close since April 5th. Closing within the prior day's range, prices failed to decisively move beyond the previous 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

Monday's trading range was $0.52 (1.51%), that's below last trading month's daily average range of $0.81. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly below average. Prices continued to consolidate within a tight trading range between 34.05 and 34.75 which it has been in now for the last three days.

Support/Resistance

Unable to break through the key technical resistance level at 34.63, the stock closed below it after spiking as high as 34.75 during the day. The failure to close above the resistance might increase that levels importance as resistance going forward. After trading as low as 34.23 during the day, the share found support at the 20-day moving average at 34.25.

Trend

Although the market is experiencing a short-term up trend, this could just be a correction, as both the medium and long term trends are still in negative territory. PWR managed to break above the 20-day moving average at 34.25 today for the first time since March 20th.

Order Flow

Selling might accelerate should prices move below the nearby swing low at 34.05 where further sell stops could get activated. As prices are trading close to April's high at 34.95, upside momentum might speed up should the stock mark new highs for the month.

Conclusion

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

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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