PWR - Quanta Services Inc Tue 24'th Jan 2017
Strong Buy Candidate
Stock analysis for Tue 24'th Jan 2017 (Updated daily)
Buy candidate since 2017-01-18
Quanta Services Inc Stock Analysis
Quanta Services Inc gained 7.59% in the last trading day, rising from USD 34.77 to USD 37.41. , and has now gained 6 days in a row. It is not often that stocks manage to gain so many days in a row, and falls for a day or two should be expected. The price has risen in 8 of the last 10 days days and is up by 9.42% over the past 2 weeks. Volume also increased in the last day along with the price, which is a positive technical sign, and, in total, 3.28 million more shares were traded than the day before. In total, 4.43 million shares bought and sold for approximately USD 166 million.
Quanta Services Inc lies in the middle of a wide and strong rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 22.7% during the next 3 months and, with 90% probability hold a price between USD 42.13 and USD 47.82 at the end of this period.
Only positive signals in the chart today. Quanta Services Inc holds buy signals from both short- and long-term moving averages. In addition, 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 USD 34.95 and USD 34.85. A break down below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday January 17, 2017, which indicates further gains until a new top pivot has been found. Volume is rising along with the price. This is considered to be a good technical signal.
Relative Strength Index (RSI)
RSI14 is 69 and the stock is currently not being overbought or oversold
Support & Resistance
Quanta Services Inc finds support from accumulated volume at USD 35.56, USD 30.69, and USD 28.31. There is no resistance from accumulated volume above today's level and given the right condition the stock may perform very well during the next couple of days.
This stock is usually traded at good volume, and with minor daily changes the risk is considered to be low. During the last day, the stock moved USD 2.44 (6.97%) between high and low. For the last week, the stock has had a daily average volatility of 3.48%.
Since the Quanta Services Inc has been rising for 6 days in a row, the risk for the next couple of days has increased. We don't expect a major reaction as the stock is in very good shape technically, and therefore hold a positive evaluation despite the very short term risk.
Our recommended stoploss: USD 35.96 (-3.88%) ( criteria: risk and position in trend)
Quanta Services Inc holds several positive signals and is within a strong rising trend. As the old saying says, "Let the trend be your friend.'". We therefore consider it to be a good choice at current levels and are expecting further gains during the next 3 months. We have upgraded our recommendation for this stock since last evaluation from a Buy Candidate to a Strong Buy Candidate.