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PTC Closes In On Buy Point

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PTC backed off highs after coming close to a 147.77 buy point.

Video Transcript

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- All right. Well next on our list is PTC. And it's also in the computer software sector, gaining about 2.4% today. Potentially a little bit of resistance around that 147, 77 [INAUDIBLE], but it was today's stock of the day. It looks like it has some strong fundamentals to back this one up.

- Yeah, definitely. Patrick Seitz did a great job. That story is on the home page of investors.com right now. Stock of the day for PTC. This is a company that provides two-dimensional and three-dimensional software for manufacturing and engineering segments of the market.

And this is exactly what happened. The stock actually tried to go over that left side high of 147, 67, but met some resistance. Any time a stock runs up like this one did, sometimes it's not surprising to see a drift lower and maybe shake out the last sellers before it attempts a true technical breakout. And PTC did not do that. It just tried to break out over that left side high but met a little bit of resistance.

So if we see a little sideways action here, maybe a little downward drifting low volume declines, that could be enough to form a handle, and then it could try to break out again. But again, fundamentals are solid. You got nice annual estimates for this year and next and pretty good sales growth in recent quarters as well. Yeah.