Technical Signals Point to a Possible Breakout for PROGRESSIVE CORP.

PROGRESSIVE CORP (NYSE:PGR) has been identified as a Technical Breakout Setup Pattern by our stock screener. This pattern typically occurs when a stock takes a pause after a significant rise, indicating the possibility of a continuation in the trend. While it's impossible to predict with certainty, it might be beneficial to monitor NYSE:PGR.

In-Depth Technical Analysis of NYSE:PGR

Every day ChartMill assigns a Technical Rating to every stock. The score ranges from 0 to 10 and is determined by evaluating multiple technical indicators and properties.

Taking everything into account, PGR scores 9 out of 10 in our technical rating. This is due to a consistent performance in both the short and longer term time frames. Also compared to the overall market, PGR is showing a nice and steady performance.

• Both the short term and long term trends are positive. This is a very positive sign.
• Looking at the yearly performance, PGR did better than 91% of all other stocks.
• PGR is part of the Insurance industry. There are 143 other stocks in this industry. PGR outperforms 83% of them.
• PGR is currently trading near its 52 week high, which is a good sign. The S&P500 Index is trading in the upper part of its 52 week range, but not near new highs, so PGR is leading the market.
• In the last month PGR has a been trading in the 151.55 - 161.98 range, which is quite wide. It is currently trading near the high of this range.

Check the latest full technical report of PGR for a complete technical analysis.

Why is NYSE:PGR a setup?

In addition to the Technical Rating, ChartMill provides a Setup Rating for each stock. This rating, ranging from 0 to 10, assesses the level of consolidation in the stock based on multiple short-term technical indicators. Currently, NYSE:PGR has a 8 as its setup rating, indicating its current consolidation status.

PGR has an excellent technical rating and also presents a decent setup pattern. Prices have been consolidating lately and the volatility has been reduced. There is a resistance zone just above the current price starting at 160.40. Right above this resistance zone may be a good entry point.

How can NYSE:PGR be traded?

A breakout could materialize when the stock breaks out to new highs above the current consolidation zone. One could wait for this to happen and buy when this happens. A stop loss could be placed below the consolidation zone.

This article should in no way be interpreted as trading advice. You should always make your own analysis and trade or not trade based on your own observations and style. The article is based purely on some technical observations.

Every day, new breakout setups can be found on ChartMill in our Breakout screener.

Disclaimer

This article should in no way be interpreted as advice in any way. The article is based on the observed metrics at the time of writing, but you should always make your own analysis and trade or invest at your own responsibility.