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) below with my added notations:
After PWR’s choppy ride lower, the stock started a 4-month rally in
December. Over the course of the rally, PWR has been climbing a nice
trendline of support (green). That, combined with the stock’s key level
at $30 (purple), has PWR stuck within an ascending triangle. At some
point the stock will have to break one of the two levels created by the
pattern.
The Tale of the Tape: PWR is trading within an
ascending triangle. A long trade could be entered on a break above $30.
However, a break below the trendline could be an opportunity to get
short the stock.
Please share this article
No comments:
Post a Comment