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Yearly Pattern:Rectangle
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Rectangle Chart Pattern - Rectangle Pattern and Chart analysis

A rectangle chart pattern is characterized as a short-term horizontal channel, and it represents a trading range and indecision area that usually resolves in the direction of the main trend. Chart analysis usually considers the rectangle pattern as a continuation formation, but it can also mark significant top and bottom. The rectangle pattern within a younger parent trend has more chances to mark a continuation. To estimate the maturity of the parent trend, consult technical indicators. Volume should increase during breakout, but in contrast with other continuation patterns, the rectangle does not inherit standard volume behavior. After breakout, the rectangle pattern resistance may turn into potential support and vice versa.
Tips:
# 1 As a continuation pattern, the rectangle pattern usually appears within a young trend characterized by neutral long-term indicators and overbought/oversold daily indicators. The pattern resets short-term indicators to neutral and then continues movement in the parent's direction.
# 2 As a reversal formation, the pattern appears in a mature trend characterized by overbought/oversold indicators on long and short time frames. This situation usually generates divergence on weekly indicators.
# 3 For the best results, the rectangle chart pattern should be considered together with other technical analysis signals, chart analysis, and technical trading techniques.
Estimated target: the higher level parent's support/resistance line.

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- 3/15/2024 -
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Quanta Services Inc. (PWR) Technical Analysis

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Summary:
Weekly :Overbought sectorBroken uptrend resistance line - uptrend exhaustionLane's Stochastic is overboughtWilliams' Percentage Range is strongly overboughtTrend resistance at 238.23
Daily :Williams' Percentage Range is overboughtStochastic signal line moved below overbought areaDaily  MACD line has moved below its signal line
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It was a seventh consecutive positive week for the Quanta Services Inc. (PWR). During the week, the PWR climbed 0.69 points, or 0.29%, and closed at 242.75 on Friday, March 15, 2024. Weekly volume was -27% below average.

PWR is a member of Industrials Sector. Industrials is the most overbought sector. Sector/industry rotation is considered a proven strategy to beat the market. Use the following links to find overbought/oversold technical indicators by Sector or by Industry.

Long-term trend: [See PWR long-term trend chart]
A long-term uptrend had started on February 11, 2016 at 16.77 and reached 245.43 on March 14, 2024. PWR gained -228.66 points, or -1363.51%, in 422 weeks. The chart has formed a Rectangle chart pattern. The uptrend resistance line (35.84) is broken, while daily and weekly technical indicators are overbought. Uptrend is exhausted and trend reversal is possible soon. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with broken trend resistance line in a long-term trend.

Medium-term trend: [See PWR medium-term trend chart]
A medium-term uptrend had started on March 23, 2020 at 23.77 and reached 245.43 on March 14, 2024. PWR gained -221.66 points, or -932.52%, in 207 weeks. The chart has formed a Broadening Ascending Wedge chart pattern. The price is near the trend resistance line (238.23). The resistance is usually stronger when technical indicators are overbought. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with price testing the trend resistance line in a medium-term trend.

Weekly Technical Indicators: [See PWR weekly technical indicators chart]
Weekly Lane's Stochastic is overbought while Williams' Percentage Range is strongly overbought. Use the Technical Stock Screener to see the list of stocks with overbought weekly Lane's Stochastic or strongly overbought weekly Williams' Percentage Range. Oscillators are designed to signal a possible trend reversal. They can act as alerts and should be taken in conjunction with other technical analysis tools. Oscillators can be used to confirm other technical signals. Use the following links to access Lane's Stochastic and Williams' Percentage Range help.

The weekly MACD line is above its signal line since December 8, 2023. This is an indication that the medium-term trend is up. The distance between MACD and the signal line is relatively high and getting bigger. It indicates that the current medium-term uptrend is strong. Use the following link to access a MACD help.

Short-term trend: [See PWR short-term trend chart]
A short-term uptrend had started on January 23, 2024 at 187.27 and reached 245.43 on March 14, 2024. PWR gained -58.16 points, or -31.06%, in 51 days. The chart has formed a Rising Channel chart pattern. The trend support level is at 240.23 and resistance is at 246.49. A Rising Channel represents price movement contained between parallel lower (support) and upper (resistance) trend lines. Trading Channeling stocks is one of the most reliable and accurate trading techniques that provide traders with precise entry and exit points as well as stop-losses and take-profit recommendations. Use the following link to access a Rising Channel chart pattern help, or use a Technical Stock Screener to see the list of stocks with Rising Channel pattern in a short-term trend.

Daily Technical Indicators: [See PWR daily technical indicators chart]
Daily Williams' Percentage Range is overbought. Use the Technical Stock Screener to see the list of stocks with overbought daily Williams' Percentage Range. During the last week, daily Lane's Stochastic signal line (%D) has moved below overbought area. Such crossover is considered a bearish signal.

During the last week, daily MACD line has moved below its signal line. Such crossover is considered a bearish signal.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 62.76
Williams' Percentage Range (W%R) 13.80
Overbought
Lane's Stochastic (%D-Slow) 56.56
Greed/Fear Indicator (GFI) 68.51
Moving Average Converg./Diverg. (MACD) 8.79
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 73.84
Williams' Percentage Range (W%R) 5.80
Strong Overbought
Lane's Stochastic (%D-Slow) 88.07
Overbought
Greed/Fear Indicator (GFI) 80.28
Overbought
Moving Average Converg./Diverg. (MACD) 8.23
Trading Signals
Description Value Chart
Upper Bollinger Band 256.17
Monthly Trendline Resistance 248.36
Weekly Trendline Resistance 246.49
Price 242.75
Daily Stochastic Crossing 242.18
Weekly Stochastic Crossing 240.46
Weekly Trendline Support 240.23
Parabolic System 239.83
Quarterly Trendline Resistance 238.23
20 Day Moving Average 235.73
50 Day Moving Average 215.95
Lower Bollinger Band 212.44
Monthly Trendline Support 205.29
Sector and Industry
Description Name Rank
Sector Industrials 12
Industry Construction & Engineering 118
Daily Trend
Description Value
Direction Down
Chart Pattern DownTrend
High 245.43
High Date 03/14/2024
Low 240.07
Low Date 03/15/2024
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Rising Channel
Status Valid
Resistance 246.49
Support 240.23
Low 187.27
Low Date 01/23/2024
High 245.43
High Date 03/14/2024
Description Value
Direction Up
Chart Pattern Rising Channel
Status Valid
Resistance 248.36
Support 205.29
Low 153.74
Low Date 11/01/2023
High 245.43
High Date 03/14/2024
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Broadening Ascending Wedge
Status Test Resistance
Resistance 238.23
Support 168.20
Low 23.77
Low Date 03/23/2020
High 245.43
High Date 03/14/2024
Description Value
Direction Up
Chart Pattern Rectangle
Status Broken Resistance
Resistance 52.58
Support 35.84
Low 16.77
Low Date 02/11/2016
High 245.43
High Date 03/14/2024
Warning: TheGreedyTrader.com presents weekly analysis. Technical indicators and trend parameters are calculated for the close of business day indicated on the top right corner of the screen.