PWR ends the day indecisive
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.
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.
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.
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.
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.
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.
|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|
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