PTC DOUBLE H&S pattern.

7 июн. 2023 г.

PTC views are taken from Rs 44 to Rs 143. During its trade from 44 to 143, PTC had completed H & S pattern from 2011 to 2017. In November 2017 it touched neckline , but failed to break above. It restarted H&S pattern in November 2017 completed left shoulder and head in July18 and May 20.From July 22 it is completing its left shoulder. So this stock is trading in H&S pattern. During this process from 2011 till today it had formed two resistance and 1 support line . Support at 79 and resistance at 79 and 124. On real time basis it has taken away resistance of 103.
On March 20 it had given low of 38 and high of 143 on October 21. It had retraced 0.382 on September 22 and from there started completing right shoulder. Today it had closed at 105 which is above 0.618 level and also above 1st resistance or 103. Closing above fibonacci 0.618 level shows the strength and close above 103 resistance makes it comfortable long candidates for target of 124 Rs which is 24 % gain. This stock can gain 24 Rs in 3 mths also and it can take 6 months also . Depend on market condition. But after taking g 10 years view this stock looks strong right now. SL will be as per individual risk capacity. It give yield of 8% So this can be your dividend portfolio stock too.