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Possible Bearish Inside Day Candle Pattern Detected for Progress Softwar (NASDAQ:PRGS)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Progress Softwar (NASDAQ:PRGS) based on the price action in the company's shares. Yesterday's price range of $40.38 and $41.64 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Progress Softwar may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Progress Software Corporation develops, markets, and distributes applications. The Company offers databases, application, messaging servers, and development tools. Progress Software serves customers in the United States.

There is potential upside of 3.5% for shares of Progress Softwar based on a current price of $40.91 and an average consensus analyst price target of $42.33. The stock should discover initial support at its 200-day moving average (MA) of $39.95 and subsequent support at its 50-day MA of $35.53.

Progress Softwar share prices have moved between a 52-week high of $52.50 and a 52-week low of $28.09 and closed yesterday at 46% above that low price at $40.91 per share. In the last five trading sessions, the 50-day moving average (MA) has fallen 1.1% while the 200-day MA has remained constant.

SmarTrend is tracking the current trend status for Progress Softwar and will alert subscribers who have PRGS in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle progress softwar

Ticker(s): PRGS