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US Technical Analysis Report

One NYSE Listed Construction & Engineering Stock Poised for Upside as Russell 3000 Edged Lower– MTZ

Nov 01, 2024

MTZ:NYSE
Investment Type
Mid - Cap
Risk Level
Action
Rec. Price (US$)

Company Overview:  MasTec, Inc. (NYSE: MTZ) is an infrastructure construction company. The Company's segments include Communications, Clean Energy and Infrastructure, Oil and Gas, Power Delivery, and Other. This Report covers the Price Action, Technical Indicators Analysis along with the Target Levels, Stop Loss, Support Levels, Resistance Levels, and Recommendation on stock.

US Markets Round-Up

This week, the Russell 3000 index, an important benchmark of the US stock market across market capitalizations, started the week on a negative note and continued the momentum. The index made low of 3254.124 during the week and settled at 3254.84 with a week-to-date (WTD) loss of ~1.552 percent on Oct 31, 2024. Other major indices, such as S&P 500 and NASDAQ Composite displayed downside move for the week. On Oct 31, 2024, the S&P 500 index settled at 5705.44 with a WTD loss of ~1.77 percent, while the NASDAQ Composite Index settled at 18095.151 with a WTD loss of ~2.287 percent.  

Having understood the US market performance over the week, taking cues from major global news, and based on technical analysis of the Russell 3000 index for the upcoming week, now let’s have a look at the one NYSE-listed stock to pick from the technical standpoint. Noted below recommendation is based on the entry price, target prices, and stop-loss for MasTec, Inc. (NYSE: MTZ) for the next 2-4 weeks duration: 

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