MasTec Close to 50 Day Moving Average

Published on Thursday, 02 February 2012 19:00 Written by Christian Paolinetti

New York, February 2nd (TradersHuddle.com) - Shares of MasTec Inc. (NYSE:MTZ) closed the trading day at $17.40 close to its 50 day moving average currently set at $16.62. MasTec's price action is just above this important support level translating into a trading opportunity.

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.

Looking at peaks and troughs horizontal support and resistance levels, we can see current calculated support at $15.53 and calculated resistance at $18.85. These levels should also be evaluated by traders when planning their trades, as they provide an insight into the latest price action.

Traders wanting to establish a position on MasTec will be looking at the price action for evidence of buying near the 50 day moving average, and opening a position as close as possible to this important level. Also traders will be looking at the latest price action, via the stocks current range previously defined for insights of other key levels that might affect their upside or downside.