Sell signal: seventh week, the decline reaccelerates
Quanta Services drops 4.6% as the decline reaccelerates after weeks of easing
Sell signal: seventh week, the decline reaccelerates
Our view last week
Money flow on Quanta Services is deepening into distribution and the weekly MACD keeps sliding further negative, even as the pace of decline eases on the surface: down 1.5% this week versus 2.8% the week before. The RSI keeps drifting lower and volume still tilts to sellers, though it's easing. The sell signal is in its sixth week and the short is already up more than 5%, with earnings coming into view on July 30.
This week's summary
Quanta Services dropped 4.6% this week, the sharpest weekly decline in a month right after the sell-off looked to be easing: the sell signal is in its seventh week of management, with the short up more than 9%. Money flow is still in distribution, though lighter than the week before, and the daily chart shows a double bottom with a 10% intermediate rebound. Earnings are due in about two weeks.
IQS Phase
70
in tension
Signal Strength
96
downtrend making lower lows, pace holding
Sizing
STANDARD
Ranking
#22 / 140
US stocks
Trade P&L %
+9.58%
from signal to today
restricted Platinum content