Quanta Services (PWR), a provider of construction and infrastructure services to the electric power and other industries has consistently been in the Green Favored Zone of the SIA S&P 500 Index Report for nearly a year, returning 42.0% over that time. PWR has been steadily rising in the rankings since January and on Friday, it finished in 29th position, up 7 spots on the day and up 33 places in the last month.
A major breakout is underway in Quanta Services (PWR) shares. The shares have been under accumulation for over a year, establishing an uptrend of higher lows with an increasing slope. Earlier this month, the shares dipped back under $50.00 but this turned out to be a bear trap with the shares not only holding above their 50-day moving average, but launching up off of it with a breakaway gap to new all-time highs, and confirming increased investor interest with a Bullish Engulfing candle on Friday.
Initial upside resistance may appear at Thursdayâs intraday high near $168.00, followed by the $174.00-$175.00 area based on a cluster of measured moves from previous trading ranges. Initial support appears at the $155.00 breakout point followed by the $150.00 round number.
Quanta Services (PWR) has been under steady accumulation for over two years, advancing in an upward trend of higher lows. Since the last successful test up uptrend line support, the shares have completed a series of bullish patterns including Double tops and a Spread Triple Top on their way to new all-time highs. Next potential upside resistance appears in the $183.70 to $191.15 area where several vertical and horizontal counts cluster then the $200.00 round number. Initial support appears in the $147.75 to $150.70 area where a 3-box reversal, a round number and a retest of a previous breakout point cluster.
With a bullish SMAX score of 9, PWR is exhibiting strength against the asset classes.
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