PTC Inc. PTC-Q rallied from US$43.90 in March, 2020, to US$153.73 in July, 2021, (A-B), reversed the trend when it fell below the 40-week Moving Average (40wMA – C), and stayed below the downward pressure of a falling trend line for about nine months (dotted line).
The stock rallied above the 40wMA in July, 2022, to signal the end of the downtrend (D), pulled back to support near US$100 (dashed line) and reached a higher high recently to signal the start of a new uptrend (E).
Behaviour indicators including the 40wMA confirm the bullish status. There is good support near US$120-121; only a sustained decline below US$113-115 would be negative.
Point & Figure measurements provide targets of US$150 and US$165. Higher targets are visible.
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Monica Rizk is the Senior Technical Analyst of the Phases & Cycles publication (www.capitalightresearch.com). Chart source: www.decisionplus.com
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Monica Rizk