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November 03, 2024, 18:42 pm ET, BY Neal- Contributor| Editor: Thomas H. Kee Jr. (Follow on LinkedIn)
The technical summary data tells us to buy PTCT near 38.09 with an upside target of 42.88. This data also tells us to set a stop loss @ 37.98 to protect against excessive loss in case the stock begins to move against the trade. 38.09 is the first level of support below 40.47 , and by rule, any test of support is a buy signal. In this case, support 38.09 is being tested, a buy signal would exist.
The technical summary data is suggesting a short of PTCT as it gets near 42.88 with a downside target of 38.09. We should have a stop loss in place at 43though. 42.88 is the first level of resistance above 40.47, and by rule, any test of resistance is a short signal. In this case, if resistance 42.88 is being tested, a short signal would exist.
If 42.88 begins to break higher, the technical summary data tells us to buy PTCT just slightly over 42.88, with an upside target of 43.29. The data also tells us to set a stop loss @ 42.76 in case the stock turns against the trade. 42.88 is the first level of resistance above 40.47, and by rule, any break above resistance is a buy signal. In this case, 42.88, initial resistance, would be breaking higher, so a buy signal would exist. Because this plan is based on a break of resistance, it is referred to as a Long Resistance Plan.
The technical summary data is suggesting a short of PTCT if it tests 42.88 with a downside target of 40.45. We should have a stop loss in place at 43 though in case the stock begins to move against the trade. By rule, any test of resistance is a short signal. In this case, if resistance, 42.88, is being tested a short signal would exist. Because this plan is a short plan based on a test of resistance it is referred to as a Short Resistance Plan.
If 40.76 begins to break higher, the technical summary data tells us to buy PTCT just slightly over 40.76, with an upside target of 42.88. The data also tells us to set a stop loss @ 40.66 in case the stock turns against the trade. 40.76 is the first level of resistance above 40.47, and by rule, any break above resistance is a buy signal. In this case, 40.76, initial resistance, would be breaking higher, so a buy signal would exist. Because this plan is based on a break of resistance, it is referred to as a Long Resistance Plan.
The technical summary data is suggesting a short of PTCT if it tests 40.76 with a downside target of 40.45. We should have a stop loss in place at 40.86 though in case the stock begins to move against the trade. By rule, any test of resistance is a short signal. In this case, if resistance, 40.76, is being tested a short signal would exist. Because this plan is a short plan based on a test of resistance it is referred to as a Short Resistance Plan.
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This report was produced using AI developed by Stock Traders Daily. Over the past 20 years this proprietary AI has been refined to help identify the most opportune trading strategies for both individual stocks and the stock markets themselves. This methodology is also applied to Index options, ETFs, and futures. The objective of this specific report is to optimize trading in Ptc Therapeutics Inc. (NASDAQ: PTCT) while incorporating prudent risk controls.