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Possible Bearish Inside Day Candle Pattern Detected for Ptc Inc (NASDAQ:PTC)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Ptc Inc (NASDAQ:PTC) based on the price action in the company's shares. Today's price range of $66.14 and $66.31 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Ptc Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, shares of Ptc Inc have traded between a low of $62.05 and a high of $107.44 and are now at $66.26, which is 7% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 1.6% while the 200-day MA has slid 0.2%.

Potential upside of 30.4% exists for Ptc Inc, based on a current level of $66.26 and analysts' average consensus price target of $86.38. The stock should find initial resistance at its 50-day moving average (MA) of $81.19 and further resistance at its 200-day MA of $86.33.

PTC Inc. operates as software and services company in Americas, Europe, and the Asia Pacific. The company operates in two segments, Software Products and Professional Services. It offers ThingWorx, an industrial innovation platform to develop and deploy industrial Internet of Things applications; and KEPServerEX solution to provide communications connectivity for industrial automation environments to connect, manage, monitor, and control disparate devices and software applications.

SmarTrend recommended that its subscribers protect gains by selling shares of Ptc Inc on July 25th, 2019 by issuing a Downtrend alert when the shares were trading at $75.31. Since that call, shares of Ptc Inc have fallen 11.2%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish inside day candle ptc inc

Ticker(s): PTC