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 Thursdayās 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.
Disclaimer: SIACharts Inc. specifically represents that it does not give investment advice or advocate the purchase or sale of any security or investment whatsoever. This information has been prepared without regard to any particular investors investment objectives, financial situation, and needs. None of the information contained in this document constitutes an offer to sell or the solicitation of an offer to buy any security or other investment or an offer to provide investment services of any kind. As such, advisors and their clients should not act on any recommendation (express or implied) or information in this report without obtaining specific advice in relation to their accounts and should not rely on information herein as the primary basis for their investment decisions. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. SIACharts Inc. nor its third party content providers make any representations or warranties or take any responsibility as to the accuracy or completeness of any recommendation or information contained herein and shall not be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. Any statements nonfactual in nature constitute only current opinions, which are subject to change without notice.
