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(ALLEN FREDRICKSON/REUTERS)
(ALLEN FREDRICKSON/REUTERS)

Technical Analysis

Bullish on MasTec Add to ...

Since 2007, MasTec Inc. has traded within a large wedge formation consisting of lower highs and higher lows (dashed lines). The stock rallied to a high of $18.17 (U.S.) recently, to confirm the breakout from this pattern and the start of a new up-leg.

Technical indicators including the rising 40-week moving average and the MACD (lower panel) confirm the bullish status. The current return toward the 40wMA should provide a good entry point (B). Only a decline below $16-$17 would be negative.

Point & Figure measurements provide an initial target of $24. The large wedge formation (dashed lines) supports significantly higher targets.



Ron Meisels is a contributor to the www.NA-marketletter.com web site. Monica Rizk is the senior Technical Analyst for Phases & Cycles Inc. They may hold shares in companies profiled. Please see the site for a glossary.

Chart source: www.decisionplus.com

Follow us on Twitter: @RonsBriefs, @Monicarizk1

 
Security Price Change
MTZ-N Mastec Inc. 25.35 -0.80
-3.059 %
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