PTC - Analysis
Since June 2024 price is moving in sideways channel.
Presently, on Daily TF, price has crossed Bollinger Band's upper band line. Therefore, price is likely to come down. Remember the central line of BB acts as a magnet and price always tries to catch up with it.
On RSI 70 value indicates that bullish momentum is ON without any divergence. Therefore, price may test 14.00. But for going into bull run price must cross 15 which was previous Lower High.
Therefore, buying should not be carried out till its price touches 15.
Since June 2024 price is moving in sideways channel.
Presently, on Daily TF, price has crossed Bollinger Band's upper band line. Therefore, price is likely to come down. Remember the central line of BB acts as a magnet and price always tries to catch up with it.
On RSI 70 value indicates that bullish momentum is ON without any divergence. Therefore, price may test 14.00. But for going into bull run price must cross 15 which was previous Lower High.
Therefore, buying should not be carried out till its price touches 15.
Note
All those who are planning to enter in the bull run from Monday 14 Oct 2024, may do so. What I do for entry is that I find out the zone where market is likely to retrace is a simple math on last Day candle's :-(High + Low)/2 = (15.97+13.96)/2 = 14.965
(Open + Close)/2 = (14.75 + 15.70)/ 2 = 15.225
Therefore, my suggested buying zone will be 14.96 to 15.22 for best possible Buy entry on Monday.
Again, for day traders, one has to very carefully observe the candle shape. If previous day's candle has a wick which is less than half of the candle's body length, only then one should take the entry. If wick is larger than half of candle's body, then it may result in a reversal candle next day. Even larger wick like of the same size as that of the body means liquidity grab - price will reverse for sure.
Note
And remember to put in two bids, one at Pre-market stage with minimum level which we found out, one never knows one may get the seller at that price. And second bid after market is opened at any price in the zone, I prefer placing bid 25 min after the market opens and sees where price is going. If price is going downwards then I choose to bid in lower values of my identified buying zone; and if price is going upwards, then I bid in higher values in my identified buying zone. Trade active
Guys, PTC is about to retrace again at around 20.75 ~ 21.25 region. Therefore, a better approach will be to book profit now and wait for the dip to happen till 19 to buy again.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.