Electric infrastructure builder Quanta Services (PWR) has been in the Green Favored Zone of the SIA S&P 500 Index Report since August. In recent weeks, Quanta has been climbing up the rankings lately. Yesterday it rose back up to 17th place, up 4 spots on the day and up 29 spots over the last month.
For nearly a year, Quanta Services (PWR) shares have been under steady accumulation, advancing in a rising channel of higher highs and higher lows. Technical action has remained positive over the winter and into the spring, with the shares breaking out over $80.00 to complete a bullish Ascending Triangle pattern, consolidating between $80.00 and $90.00 for a few weeks with $80.00 reversing polarity to become support, then rallying up off its 50-day average and breaking out over $90.00 to signal the start of a new upleg.
Next potential upside resistance appears near $100.00 where a round number and measured move converge, followed by a measured $110.00 on trend. Initial support appears near the $90.00 breakout point, then $84.00.
Quanta Services (PWR) shares have been under strong accumulation over the last year, advancing from a low near $23.50 to yesterday’s breakout over $90.00 through a series of high poles with minor corrections in between. Yesterday, the shares broke out over $90.00 to complete a bullish Double Top and signal the start of a new upleg, the seventh X column in a row to break out.
Based on vertical and horizontal counts, next potential upside resistance appears near the $100.00 round number, then $108.10 and $112.45. Initial support appears near $83.55 based on a common three-box reversal.
With a perfect SMAX score of 10, PWR is exhibiting near-term strength across 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.
