$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.
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