Progyny, Inc. (PGNY) – Trend Reversal in Progress Timeframe: 1D Analysis:
Progyny, Inc. is showing signs of a potential trend reversal after forming a strong base at $13.52 and breaking key resistance levels.
Key observations:
Support and Resistance:
The stock has established strong support at $13.52 and intermediate support at $18.14.
The next resistance levels are at $25.37, $31.56, and $39.06.
Moving Averages:
PGNY is trading above the 20-day EMA (blue) and 50-day SMA (red), indicating bullish momentum.
A golden cross (20 EMA crossing above 50 SMA) has occurred, further strengthening the bullish outlook.
Volume:
Increasing volume supports the upward movement, showing active buyer participation.
Formation:
The stock has broken out from a consolidation phase, potentially leading to higher price levels.
Trade Plan:
Entry:
Enter near $21.00-$21.50 for confirmation of continued upside.
Consider a retest of $20.00 for a better risk-reward entry.
Stop Loss:
Below $18.00, just under recent support.
Targets:
Target 1: $25.37
Target 2: $31.56
Target 3: $39.06
Risk-Reward:
Aim for a 1:3 risk-to-reward ratio for a conservative approach.
Bullish Bias:
Progyny, Inc. is gaining bullish traction with strong price action and supportive technical indicators. Monitor volume and broader market conditions for confirmation of the uptrend.
