Price action pattern: Break-out and sustained from a downward trending line resistance line (From 43 to 35) at 35 with almost flat support line at 32.5. Further after break-out, tested the support turned earlier resistance line and stayed above with considerable volume.
Fundamentals: Results of Q4 2020 and FY 2019-20 is expected on 08 June 2020 (Monday). With the overall trend of the market expected to be upwards and the results at the back of some good deals for PTC, price is expected to be favourable towards bulls.
Indicators:
1. MACD: Upward crossover over signal line observed at the previous low of 32.5 (near support)
2. RSI well below overbought zone showing short term strength
3. DMI showing a ADX strength of close to 50 whilst ADX+ sustains above ADX-
4. MA 20 cutting MA 50 from below
Possible trade:
Buy: 37
Target 1: 39
Target 2: 42.5
Stop loss: 34.5 (Considering an ATR of 0.76)
Fundamentals: Results of Q4 2020 and FY 2019-20 is expected on 08 June 2020 (Monday). With the overall trend of the market expected to be upwards and the results at the back of some good deals for PTC, price is expected to be favourable towards bulls.
Indicators:
1. MACD: Upward crossover over signal line observed at the previous low of 32.5 (near support)
2. RSI well below overbought zone showing short term strength
3. DMI showing a ADX strength of close to 50 whilst ADX+ sustains above ADX-
4. MA 20 cutting MA 50 from below
Possible trade:
Buy: 37
Target 1: 39
Target 2: 42.5
Stop loss: 34.5 (Considering an ATR of 0.76)