Dycom Industries, Inc. provides specialty contracting services in the
United States and Canada. The company offers a range of specialty
contracting services, such as engineering, construction, maintenance,
and installation services comprising placement and splicing of fiber,
copper, and coaxial cables to telecommunications providers. It also
provides underground facility locating services, including locating
telephone, cable television, power, water, sewer, and gas lines to
various utilities, which comprise telecommunications providers. In
addition, the company offers tower construction, lines and antenna
installation, and foundation and equipment pad construction services for
wireless carriers, as well as equipment installation and material
fabrication, and site testing services; and installs and maintains
customer premise equipment, such as digital video recorders, set top
boxes, and modems for cable television system operators.
Take a look at the 1-year chart of Dycom (NYSE: DY) below with my added notations:
DY has hit resistance at $80 (red) multiple times over the past
couple of months. In addition, the stock has been climbing a trend line
of support (green) since the beginning of September. Eventually, the
stock will have to break either the $80 resistance, which would be a
52-week high, or the trendline support.
The Tale of the Tape: DY is winding up between two
key levels. A long trade could be made at the trendline support or on a
break above $80. A break below trendline would be an opportunity to
enter a short trade.
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