Trade Alert - MasTec at New Lows

Published on Wednesday, 27 June 2012 12:34 Written by TradersHuddle Wire

New York, June 27th (TradersHuddle.com) - Shares of MasTec Inc. (NYSE:MTZ) booked a new 52 week low by trading below $13.77. Traders are definitely monitoring MasTec's price action to see if this move attracts further selling, or if this last push down sets a tradable bottom in the stock.

MasTec Inc. (NYSE:MTZ) is a specialty contractor operating across a range of industries. The Companys activities are the building, installation, maintenance and upgrade of utility and communications infrastructure, including electrical utility transmission and distribution, windfarms, solar farms, other renewable energy and natural gas infrastructure, wireless, and wireline.

MasTec is currently trading 0.5% versus its previous trading session close, and it has calculated support and resistance at $14.55 and $16.57 respectively. Clearly, with this action this range has been penetrated, and traders will be reviewing price action to establish a new tradable range.

The overall market index S&P 500 is trading higher by 0.97% from its previous trading close, which means that MasTec stock is underperforming the overall market.