Wednesday, July 30, 2014

Quanta Services Inc (NYSE: PWR)

Quanta Services, Inc. provides specialty contracting services to the electric power, and oil and gas industries in North America and internationally. The company’s Electric Power Infrastructure Services segment provides network solutions comprising design, installation, upgrade, repair, and maintenance of electric power transmission and distribution infrastructure, and substation facilities. The company’s Oil and Gas Infrastructure Services segment provides network solutions to customers involved in the development and transportation of natural gas, oil, and other pipeline products. The company’s Fiber Optic Licensing and Other segment designs, procures, constructs, maintains, and owns fiber optic telecommunications infrastructure, as well as licenses the right to use these point-to-point fiber optic telecommunications facilities to its customers.
Take a look at the 1-year chart of Quanta (NYSE: PWR) with the added notations:
1-year chart of Quanta (NYSE: PWR)
Over the last year PWR has consistently moved higher. Since October the stock has formed a trendline of support (blue) that it has been bouncing on top of. Always remember that any (2) points can start a trendline, but it’s the 3rd test and beyond that confirm its importance. PWR’s trendline seems to be very important now that it has been tested multiple times.

The Tale of the Tape: PWR has created a trendline of support over the last year. A long position could be entered on a pullback to that trend line, which is currently sitting right around $34-35, with a stop placed below that level. A short position could be entered if PWR were to break the trend line support.
Please share this article

No comments:

Post a Comment