Long
$PROG to break out of algo cycle Monday? $8+ PT
NASDAQ:PROG has been in the same cyclic pattern since late September and has followed a trend carefully. The last high of $6.20 formed a rising wedge which is looking close to a breakout.
The MACD and RSI indicate a reversal, as well as the 20/50/100/200 EMA (not shown on the chart). The trend has not fallen below the 200 day EMA + the Fibonacci Time Zone indicates a possible reversal coming. If the trend breaks out of the wedge the $4.80 and $5.10 levels will be a tough retest, and it may not hold - but if it is able to break past a new 6 month high looks promising.
My theory is that if this coil explodes past the $8-10 level (counting on catalysts + buying pressure) that the algo cycle will end as shorts cover their positions.
The MACD and RSI indicate a reversal, as well as the 20/50/100/200 EMA (not shown on the chart). The trend has not fallen below the 200 day EMA + the Fibonacci Time Zone indicates a possible reversal coming. If the trend breaks out of the wedge the $4.80 and $5.10 levels will be a tough retest, and it may not hold - but if it is able to break past a new 6 month high looks promising.
My theory is that if this coil explodes past the $8-10 level (counting on catalysts + buying pressure) that the algo cycle will end as shorts cover their positions.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.