PRGS Technical Analysis - PROGRESS SOFTWARE CORP

Technical Rating and Analysis

We assign a technical rating of 2 out of 10 to PRGS. Recently some decent action could be observed, but in the medium term time frame this is still negative. PRGS was also a bad performer in the overall market in the last year.

The short term trend is neutral, while the long term trend is still negative. We need to see a little more continued positive action to make this really interesting.

When comparing the yearly performance of all stocks, PRGS is a bad performer in the overall market: 87% of all stocks are doing better.

PRGS is one of the lesser performing stocks in the Software industry. 66% of 282 stocks in the same industry do better.

PRGS is currently trading in the lower part of its 52 week range, which is not a good signal. Certainly not because the S&P500 Index is trading near new highs.

In the last month PRGS has a been trading in the 40.29 - 47.37 range, which is quite wide. It is currently trading in the middle of this range, so some resistance may be found above.

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Technical Analysis

Relative Strength

ChartMill Trend Indicator

Simple Moving Average

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Weekly and Daily overview Charts

PROGRESS SOFTWARE CORP / PRGS Weekly stock chart

PROGRESS SOFTWARE CORP / PRGS Daily stock chart

Setup Rating and Analysis

PRGS has a bad technical rating, but it does show a decent setup pattern. Prices have been consolidating lately and the volatility has been reduced. A pullback is taking place, which may present a nice opportunity for an entry. There is a resistance zone just above the current price starting at 46.05. Right above this resistance zone may be a good entry point.

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ChartMill Technical Ratings

Pocket Pivots

Bull Flags

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Support and Resistance Analysis

40.56

64.36

We found 1 important support area.

Support @40.97 from a horizontal line in the daily time frame.

We can see 3 important resistance areas.

A resistance zone ranging from 46.05 to 46.88. This zone is formed by a combination of multiple trend lines and important moving averages in multiple time frames.
Resistance @60.74 from a trend line in the weekly time frame.
Resistance @63.72 from a horizontal line in the daily time frame.

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Technical Indicator Signal Analysis

The Technical Rating and Setup analysis above combine different indicators and trends in different timeframes. Individual signals from indicators may give more contradictive signals and should always be interpreted in the more global context.

Indicator	Value	Signal	Comment
ChartMill Long Term Trend Indicator	DOWN	NEGATIVE	The long term trend for PRGS is down.
ChartMill Short Term Trend Indicator	NEUTRAL	NEUTRAL	The short term trend for PRGS is neutral.
ChartMill Relative Strength	13.56	NEGATIVE	PRGS has a low relative strength, it was outperformed by 86.44% off all stocks on the market.
Simple Moving Average/SMA (20)	UP	POSITIVE	The current price of PRGS is above the rising SMA(20).
Simple Moving Average/SMA (50)	UP	POSITIVE	The current price of PRGS is above the rising SMA(50).
Simple Moving Average/SMA (200)	DOWN	NEGATIVE	The current price of PRGS is below a declining SMA(200).
Relative Strength Index/RSI (14)	49.89	NEUTRAL	The RSI value for PRGS is a neutral value.
Moving Average Convergence Divergence/MACD (12, 26, 9)	0.14	POSITIVE	The MACD value suggests PRGS has a positive trend, although the MACD value is declining.
Stochastics (14,3)	71.58	NEUTRAL	The Stochastics value for PRGS is a neutral value.
Average True Range in percent/ATR (20)	3.64	MEDIUM VOLATILITY	The ATR as a percentage value for PRGS suggests some volalility.
Average Directional Index/ADX (14)	23.9	NEUTRAL	The ADX value for PRGS suggests a possible start of a new trend.