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Quanta Services Inc. Hits Oversold RSI; Opportunity Awaits

Quanta Services Inc. may present a buying opportunity as its RSI plummets to 29.2, indicating oversold conditions. Industry expert Warren Buffett's strategy may apply here.

Date: 
AI Rating:   7

Technical Analysis Based on RSI
Quanta Services, Inc. (PWR) has recently entered the oversold territory with an RSI reading of 29.2. This indicates a significant decline in buying pressure, potentially creating a buying opportunity for bullish investors. The stock traded as low as $259.58 per share, contrasting sharply with the broader market represented by the S&P 500 ETF (SPY), which has an RSI of 46.4.

The current price of PWR at $260.15 is near its 52-week low of $227.11, suggesting the stock has room to recover towards its 52-week high of $365.88. Such technical indicators suggest that the heavy selling might soon reach exhaustion, aligning with Buffett's advice of being greedy when others are fearful.