A bullish engulfing pattern supported by huge volume is seen on the daily chart of PTC. Bullish crossover in MACD above ZERO line, 5 Day SMA crossed the 20 day SMA. Target 105,108, 110. SL 93.
, , PTC
, , PTC
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To
Malay Dasgupta,
Sir,
Your observations are correct.There is bullish engulfing with volume rise, but if you see the close of the bullish engulfing candle is not above the resistance line. PTC did went up above the resistance line on intraday basis, but it failed to close above the resistance of Rs. 98.30[ high of bearish candle of 09/04/2018].
As of today the stop loss of Rs. 93 is hit as stock has made a low of Rs. 91.10.
If you notice the stock is forming a ascending triangle pattern on the chart and should break up in your direction in near future. Just keep the watch and let it break the upper border of the triangle with close above it with volume confirmation.
Thanks and regards,
Dr. Bhushan