Electric infrastructure builder Quanta Services (PWR) has been in the Green Favored Zone of the SIA S&P 500 Index Report since August. In recent weeks, Quanta has been climbing up the rankings lately. Yesterday it rose back up to 17th place, up 4 spots on the day and up 29 spots over the last month.
For nearly a year, Quanta Services (PWR) shares have been under steady accumulation, advancing in a rising channel of higher highs and higher lows. Technical action has remained positive over the winter and into the spring, with the shares breaking out over $80.00 to complete a bullish Ascending Triangle pattern, consolidating between $80.00 and $90.00 for a few weeks with $80.00 reversing polarity to become support, then rallying up off its 50-day average and breaking out over $90.00 to signal the start of a new upleg.
Next potential upside resistance appears near $100.00 where a round number and measured move converge, followed by a measured $110.00 on trend. Initial support appears near the $90.00 breakout point, then $84.00.
Quanta Services (PWR) shares have been under strong accumulation over the last year, advancing from a low near $23.50 to yesterday’s breakout over $90.00 through a series of high poles with minor corrections in between. Yesterday, the shares broke out over $90.00 to complete a bullish Double Top and signal the start of a new upleg, the seventh X column in a row to break out.
Based on vertical and horizontal counts, next potential upside resistance appears near the $100.00 round number, then $108.10 and $112.45. Initial support appears near $83.55 based on a common three-box reversal.
With a perfect SMAX score of 10, PWR is exhibiting near-term strength across the asset classes.
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