Market Overview: PROVETRY (2025-11-08 12:00–2025-11-09 12:00 ET)

• PROVETRY opened at $25.28, reached a high of $25.42, and closed at $24.07 after a volatile 24-hour session.
• Volume spiked during bearish moves late in the session, with total volume at 53,358.2 and turnover of $1,339,669.30.
• A bearish reversal pattern emerged as the price broke below the 20SMA and tested key support levels.• RSI hit oversold territory below 30, suggesting potential for short-term bounce, while Bollinger Bands showed low volatility during the overnight hours.

PROVETRY opened at $25.28 on 2025-11-08 at 12:00 ET and closed at $24.07 on 2025-11-09 at 12:00 ET, with a high of $25.42 and a low of $24.02 during the 24-hour period. Total volume was 53,358.2, and notional turnover reached approximately $1,339,669.30, indicating heightened trading activity, particularly during the latter half of the session.

Structure & Formations

The 24-hour candlestick pattern on PROVETRY formed a bearish reversal after a brief rally into the session’s high of $25.42. The price then fell sharply, closing near the lower end of the range. A notable engulfing bearish pattern appeared around 22:30 ET, with a long bearish body and minimal upper wick. The 20SMA crossed below the 50SMA at 05:00 ET, confirming a bearish tilt in the 15-minute timeframe. On the daily chart, the 50DMA and 200DMA suggest a longer-term bearish trend is in play, with price now below both.

MACD & RSI

The MACD line turned negative during the session, with the histogram narrowing and turning bearish after 22:30 ET. The 9-period signal line crossed below the MACD line, reinforcing the bearish momentum. RSI dropped below 30, reaching a low of 26 at 02:45 ET, indicating short-term oversold conditions. While a rebound appears possible, RSI remains in oversold territory and has yet to show a clear reversal.

Bollinger Bands

Volatility expanded during the initial bearish leg of the session, with the upper band at $25.65 and lower band at $23.75. Price remained near the lower band for most of the overnight session, indicating bearish exhaustion. A contraction in the bands occurred between 03:00 and 05:00 ET, suggesting a potential reversal may be near. However, the price has yet to close above the midline of the bands, which remains a key level to watch.

Volume & Turnover

Trading volume surged during bearish phases, especially between 22:15 ET and 02:45 ET, when volume exceeded 4,000 units on multiple occasions. Turnover also spiked during these intervals, aligning with price declines. A divergence appears between late-night volume and price; while volume remained high, price continued to fall, signaling bearish conviction. Turnover dropped significantly after 05:00 ET as the market consolidated.

Fibonacci Retracements

A key Fibonacci retracement level was tested at the 61.8% level of the recent swing from $25.42 to $24.02 (~$24.36), which was breached on the way down. Price now sits near the 38.2% retracement of the overnight bearish move, at approximately $24.20. A bounce from this level could signal a temporary pause in the downtrend, but a failure to hold would likely extend the correction toward the next major support near $23.75.

Backtest Hypothesis

A potential backtesting strategy for PROVETRY could focus on MACD bottom divergences, as seen during the 22:15–02:45 ET time window. A buy signal would trigger when the MACD line crosses above the signal line following an oversold RSI (below 30) and a divergence in volume. Exit signals could be triggered at the next MACD/Signal crossover. This approach would allow for capturing short-term bounces off oversold levels during a broader bearish trend. Given the current context, a bearish bias should be maintained unless a clear bullish breakout above the 20SMA is confirmed with rising volume.