PTC - Entering into Support Zone

PTC is entering into support zone at these current levels as shown in the picture above. From a high of Rs. 82 in May, the stock corrected quite sharply to a low of Rs. 45 in June. The stock has subsequently rallied to a high of Rs. 65 before correcting back to current levels of Rs. 56.

• The stock is currently playing between Rs. 55 to Rs. 60 range.
• MACD is on a sell signal and with an increasing bar columns, indicating some weakness.
• RSI is close to a very comfortable zone at 46.
  
• The OBV indicator is a good leading indicator for this company at these levels. In the trading zone, that has been marked with a rectangle, look at the corresponding circle in the OBV chart. There has been significant amount of purchases at that zone.
  
• The stock is currently at a strong zone even without the rectangle in consideration. The stock was in this zone from December to May before the huge break-out.
  

While, there is some strength shown in this stock at this level, the only concern shown will be with the MACD indicator, that is declining. However one can start accumulating this stock slowly at these levels or wait for a definite break-out which could be after Rs. 67 and a possible upside at Rs. 78. However, this would require the market to be extremely bullish which I do not see currently.