Progyny Inc

PGNY is in a Stage 3 distribution phase following a decisive support failure, with medium-term bearish pressure dominating despite an intact secular uptrend. Short-term execution lacks a clear edge as price holds below declining EMAs in an oversold range. We will trim into rallies toward the broken support and medium-term resistance zone around the 9/20 EMAs.

• ↑Q2 2026 revenue $350.5M up 5.3% YoY; gross profit rose 13% to $89.3M
• ↑Maintained ~100% client retention; removed majority of retention risk early
• ↓Q3 guide $335–345M implies pronounced slowdown; shares fell 7–15% post-earnings