Quanta Services Close to 50 Day Moving Average

Published on Thursday, 29 July 2010 05:16 Written by Christopher Lynn

New York, July 29th (TradersHuddle.com) - Shares of Quanta Services, Inc. (NYSE:PWR) closed the trading day at $22.06 close to its 50 day moving average currently set at $21.3516. Quanta's price action is just above this important support level translating into a trading opportunity.

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.

Looking at peaks and troughs horizontal support and resistance levels, we can see current calculated support at $20.18 and calculated resistance at $21.7. 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 Quanta Services 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.