I made 18% last week of a spike in Progenity from catching a bounce between 3.43 and $4.04. I got stopped out on the second daily downtrend and re-entered the day after caught a reversal. $2.86-$3.52 appears to be the areas of strongest support with strong rejections off <$3.00 - >$4.00. I believe with both rejections we have two conclusions: Market manipulation by whales and general indecision in the market.
A) 200 EMA has provided support at 1hr level and 20/50 on 4 hr intraday. Some sideways consolidation would be required to get another bounce past $5 imo.
B) Multiple spikes in buy and sell volume in short succession create a "b" and "p" shaped market profile suggesting short sellers are active. This has been covered extensively by others elsewhere. Otherwise points of control have held very nicely after a few days.
C/D) As far as indicators go they will need to catch their breath and find more volume. Market could break either way but appears bearish on this level at least.
Overall I think that a speculative stock like PROG needs further consolidation even if it means breaking the lower trend. Unfortunately with earnings (and potential merger announcement) coming up on the 10th that remains unlikely and a violent swing is for sure in the cards. I plan to sit this out until the stock can confirm one way or the other. At most I will put in a small starter position since we're in a region of decent support. I'll be watching the pre-market activity closely for this week to see which is likely.
A) 200 EMA has provided support at 1hr level and 20/50 on 4 hr intraday. Some sideways consolidation would be required to get another bounce past $5 imo.
B) Multiple spikes in buy and sell volume in short succession create a "b" and "p" shaped market profile suggesting short sellers are active. This has been covered extensively by others elsewhere. Otherwise points of control have held very nicely after a few days.
C/D) As far as indicators go they will need to catch their breath and find more volume. Market could break either way but appears bearish on this level at least.
Overall I think that a speculative stock like PROG needs further consolidation even if it means breaking the lower trend. Unfortunately with earnings (and potential merger announcement) coming up on the 10th that remains unlikely and a violent swing is for sure in the cards. I plan to sit this out until the stock can confirm one way or the other. At most I will put in a small starter position since we're in a region of decent support. I'll be watching the pre-market activity closely for this week to see which is likely.
Comment:
Retesting lower trend line soon.
Comment:
Consolidation consolidating.