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

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Progress Softwar (NASDAQ:PRGS) based on the price action in the company's shares. Yesterday's price range of $45.36 and $45.90 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. Traders and investors interested in shares of Progress Softwar may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Progress Softwar share prices have moved between a 52-week high of $52.50 and a 52-week low of $34.83 and closed yesterday at 32% above that low price at $45.81 per share. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.5%.

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.

Progress Softwar (NASDAQ:PRGS) is currently priced 7.6% above its average consensus analyst price target of $42.33. Progress Softwar shares have support at the 50-day moving average (MA) of $43.15 and additional support at the 200-day MA of $41.61.

SmarTrend recommended that subscribers consider buying shares of Progress Softwar on November 19th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $42.29. Since that recommendation, shares of Progress Softwar have risen 6.7%. We continue to monitor PRGS for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle progress softwar

Ticker(s): PRGS