The action in shares of Progressive Care Inc . (OTCMKTS:RXMD) has been the action of a stock that is coming to terms with a new phase of trend: a strong upward trend. The technical signals on display here are very clear as we read the tea leaves.
The lowest low – back in early November – came off of a type-specimen divergence, which led to a break of the downward trend and an explosive move higher. However, that rally was ‘corrected’ by the market, as all rallies are. What’s important is where that rally checked back to: On a closing basis, the pullback found confluence at the 61.8% fib level, the topside of the broken downtrend line, and the 50-day .
From there, we have seen a strong bid come into place with more aggressive upside. That’s exactly what you want to see.