Quanta (PWR) – Electric Grid Renewal – Nov 20th, 2019
S&P 500 Market Outlook: Bullish
Bullish Trade: PWR $42.00 – Industrials
The bullish DailyPlay we chose for Wednesday, Nov 20th is Quanta (PWR). PWR is part of the Industrial Sector (XLY). XLI has declined 5.85% higher over the past month and its 1m and 6m trend turned bullish on Oct 15th while breaking above its $77 resistance level.
Quanta’s 1m and 6m trend turned neutral and bullish on Nov 18th and recently bounced higher off its $42 support level. With a technical score of 9 (out of 10), PWR is a strong stock that will likely continue higher.
As a stop loss, if PWR was to trade below $42 for multiple days, this would invalidate our analysis and suggest cutting losses on the trade.