Friday's Trading $ASX $PRGN

Yesterday I had placed a trade in $ASX shorting it from $5.75 with a hard stop at $5.91 just past the resistance level at $5.90. We had a morning spike instead of a panic and I was stopped out for a loss less than -3%. It did eventually fade back down to $5.78, but just not worth the re-entry at that point.

I didn't see much the rest of the day that I liked or if I did see something I was already past a decent technical entry.

Then I checked an old watch list and found that $PRGN had cracked the $1 level this week which was a major resistance level both technically and mentally. I found a decent breakdown level to enter and place a fairly large short position for over the weekend. That is a bit risky since it is a holiday weekend and sometimes news the following trading day can be a little crazy, but with this cracking the $1 level and now showing resistance at the $0.90 level I feel pretty good that this will continue to drop.

I still feel that it may fade back to the $0.25 level were the supernova started from, but not sure it will be a quick journey to get there so I'm looking to lock in profits and move on.

I'm giving this a little more breathing room and have a hard stop set a little above the $0.90 resistance at $1.05.