Quanta Services Close to Support?

Published on Friday, 16 December 2011 07:32 Written by Christopher Lynn

New York, December 16th (TradersHuddle.com) - Shares of Quanta Services, Inc. (NYSE:PWR) are trading very close to calculated support at $19.74 with current price action closing at just $20.27 places the stock price near levels where traders will start paying attention.

Quanta's current stock range is defined by current calculated support defined at $19.74 and by the resistance level at $21.33, which should be used by traders planning their trades. These support and resistance levels are based on an algorithm of peaks and troughs of the stock price action.

Traders wanting to establish a position should place close attention to Quanta's price action, and establish a position as close to support as possible, but only after buying materializes. Traders should understand that the resistance point at $21.33 might limit their upside, however if the stock breaks resistance, it could be a good point to add to the position.

Quanta Services, Inc. (NYSE:PWR) provides specialized contracting services to electric utilities, telecommunication and cable television operators, and governmental entities. The Company also installs transportation control and lighting systems and provides specialty electric power and communication services for industrial and commercial customers.