Quanta Services (PWR) is showing signs of a long-term trend reversal with its third resistance break this year. The weekly chart shows PWR breaking down in October 2014 and trending lower until early 2016. This downtrend showed its first sign of reversing with the February surge and breakout near 19. The second breakout occurred with the move above the November high in April 2016. After exceeding its November high, the stock embarked on a consolidation in the 22-24 area. It now looks like this consolidation is ending because the stock broke above the April-May highs with a surge the last two weeks. I would mark support in the 21.5-22 area. Chartists can re-evaluate on a close below 21.50 and an RSI move below 50.
****************************************
Thanks for tuning in and have a great day!
--Arthur Hill CMT
Plan your Trade and Trade your Plan
*****************************************
