Can I buy shares of PTC as it has moved up from 52-week low?
- Damera Venkata Rao
AVOID FOR NOW AND ENTER ON CLOSE ABOVE RS 80.50-81.50
PTC India is currently trading at Rs 75.95. Its 52-week high/low stand at Rs 128.30/64.60 made on November 2, 2017 and October 8, 2018 respectively. The stock is trading in a downward sloping channel pattern since January 2018. The stock resisted at its main trendline at Rs 88 on a closing basis and thereby witnessed a downslide below its prior support at Rs 67.80 and made a new 52-week low. The stock gave a Doji at 52-week low and thereby witnessed reversal. However, the stock is still trailing in-between the channel. We suggest you to avoid for now and enter at Rs 80.50-81.50, which is a channel pattern breakout and 100-day EMA resistance breakout.