PTC Pakistan Telecommunication Company Analysis 28 March 2013
PTC Rebound Expected
Our Preference: Buy PTC as long as 18.83 is sustained as support with target at 20.32 and 20.93
Alternate Scenario: Downward penetration of 18.83 will call for 18.02 and 17.13
NOTE: PTC is moving in a downward channel to complete its 61% correction of price cycle between 15.35 to 24.59 at 18.90 which will become a strong support for PTC. Currently 20.32 is going to become a strong resistance for PTC, so that area will create a caution for bulls and closing above 20.32 will generate a bullish sentiment in PTC, towards 21.23 and 23.11. Between 18.83 and 20.32 swing trading strategy can be adopted by day traders to maximize their profits ( for Example Long above 18.83 and short below 20.32 with strict stop losses.)
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