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Volatile ride for Progenity, Inc. stock price on Tuesday moving between $1.94 and $2.70

StockInvest.us, 2 weeks ago


The Progenity, Inc. stock price gained 3.74% on the last trading day (Tuesday, 12th Oct 2021), rising from $2.14 to $2.22. , and has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the day the stock fluctuated 39.18% from a day low at $1.94 to a day high of $2.70. The price has risen in 6 of the last 10 days and is up by 150.34% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 147 million more shares were traded than the day before. In total, 342 million shares were bought and sold for approximately $759.84 million.

On Jul 29, 2021 "Piper Sandler" gave "$3.00 - $5.00" rating for PROG. The price target was set to $2.52+2.9%.

Due to the high volatility and the trend direction we are not able to give forecast range for this stock. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.

Progenity, Inc.

Mostly positive signals in the chart today. The Progenity, Inc. stock holds buy signals from both short and long-term moving averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $1.61 and $1.12. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Friday, August 20, 2021, and so far it has risen 229.43%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume is rising along with the price. This is considered to be a good technical signal.

Progenity, Inc. finds support from accumulated volume at $2.21 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

This stock may move very much during the day (volatility) and with a very large prediction interval from the Bollinger Band this stock is considered to be "very high risk". During the last day, the stock moved $0.76 between high and low, or 39.18%. For the last week, the stock has had a daily average volatility of 26.04%.

The Progenity, Inc. stock is overbought on RSI14 and lies in the upper part of the trend. Normally this may pose a good selling opportunity for the short-term trader, but some stocks may go long and hard while being overbought and the RSI is still moving upwards. Regardless, the high RSI together with the trend position increases the risk and higher daily movements (volatility) should be expected. A correction down in the nearby future seems very likely, and it is of great importance that the stock manages to break the trend before that occurs.

Progenity, Inc. holds several positive signals and despite the stock being in a falling trend, we considered it to be a good choice at these current levels. We expect Progenity, Inc. stock will perform very well in the next 3 months. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Strong Buy candidate.

Check full Progenity, Inc. forecast and analysis here.