Quanta Services Inc stock upgraded to Buy Candidate.
(Updated on Nov 29, 2023)
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Given the current short-term trend, the stock is expected to fall -14.63% during the next 3 months and, with a 90% probability hold a price between $128.09 and $158.46 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
PWR Signals & Forecast
Mostly positive signals in the chart today. The Quanta Services Inc stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $183.79 and $174.39. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, November 01, 2023, and so far it has risen 16.28%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume is rising along with the price. This is considered to be a good technical signal.
Support, Risk & Stop-loss for Quanta Services Inc stock
On the downside, the stock finds support just below today's level from accumulated volume at $169.37 and $168.23. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Quanta Services Inc finds support just below today's level at $169.37. If this is broken, then the next support from accumulated volume will be at $168.23 and $159.62.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $3.80 between high and low, or 2.08%. For the last week, the stock has had daily average volatility of 2.00%.
The Quanta Services Inc stock is overbought on RSI14 and the RSI has been falling for the last couple of days. This together with the fact that the stock is in the upper part of the trend poses a possible good selling opportunity for the short-term trader. However, one should note that some stocks may go long and hard while being overbought. Regardless, the high RSI together with the trend position increases the risk and higher daily movements (volatility) should be expected. A correction down in the nearby future seems very likely and it is of great importance that the stock manages to break the trend before that occurs.
Our recommended stop-loss: $176.04 (-5.15%) (This stock has medium daily movements and this gives medium risk. The RSI14 is 76 and this increases the risk substantially. There is a buy signal from a pivot bottom found 19 days ago.)
Trading Expectations (PWR) For The Upcoming Trading Day Of Thursday 30th
For the upcoming trading day on Thursday, 30th we expect Quanta Services Inc to open at $184.89, and during the day (based on 14 day Average True Range), to move between $180.77 and $190.45, which gives a possible trading interval of +/-$4.84 (+/-2.61%) up or down from last closing price. If Quanta Services Inc takes out the full calculated possible swing range there will be an estimated 5.22% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $185.71 (0.05%) than the support at $169.37 (8.75%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is Quanta Services Inc stock A Buy?
Several short-term signals are positive, despite the stock being in a falling trend, we conclude that the current level may hold a buying opportunity as there is a fair chance for stock to perform well in the short-term. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.
Current score: 3.115 Open Broker AccountBuy Candidate Upgraded
Predicted Opening Price for Quanta Services Inc of Thursday, November 30, 2023
The predicted opening price is based on yesterday's movements between high, low, and closing price.
|Fair opening price November 30, 2023||Current price|
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Fibonacci Support & Resistance Levels
Accumulated Volume Support & Resistance Levels
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