Is Quanta Services Close to Support?
Published on Friday, 23 March 2012 07:44 Written by TradersHuddle Wire
New York, March 23rd (TradersHuddle.com) - Shares of Quanta Services, Inc. (NYSE:PWR) are trading very close to calculated support at $20.64 with price action closing at just $21.25 and placing the stock near levels where traders will start paying attention.
Quanta's stock range is defined by its calculated support defined at $20.64 and by the resistance level at $22.15, which should be used by traders planning their trades. These support and resistance levels are based on an algorithm of the stock price action peaks and troughs.
Traders wanting to establish a position should pay close attention to Quanta's price action, and establish it as close to support as possible, but only after buying materializes. Traders should understand that the resistance point at $22.15 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.
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