jeffsuntrading

US Stock In Play: $PGNY (Progyny Inc)

Long
NASDAQ:PGNY   Progyny, Inc
$PGNY rebounded back into its uptrend channel , closing the session at all time high with an intraday rally of +6.54% to $47.89. The strong closing of $PGNY reflects its inherent technical strength, on the Friday session where Wall Street and European markets closed in negative territory as concern over new lockdown measures.

The price action of $PGNY was put under the spotlight when a Bearish Gravestone Doji candlestick was printed on 14th December 2020 close, confluence with a high average volatility and sessional volume not witnessed since May 2020. The following two weeks of trading session successfully negated the signal, exhibited by further buying accumulation. Today’s rebound have also effectively identified its 20DMA as a reference to any potential weakness ahead.

At the current junction, it would be plausible to experience further uptick in price volatility relative to its price strength in $PGNY at a trading range within 10.35% in the upcoming.

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