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The question on everyone's mind: Will PROGRESSIVE CORP breakout?

By Mill Chart

Last update: May 15, 2024

PROGRESSIVE CORP (NYSE:PGR) was identified as a Technical Breakout Setup Pattern by our stockscreener. Such a pattern occurs when we see a pause in a strong uptrend: after a strong rise the stock is consolidating a bit and at some point the trend may be continued. Whether this actually happens can not be predicted of course, but it may be a good idea to keep and eye on NYSE:PGR.

PGR Daily chart on 2024-05-15

In-Depth Technical Analysis of NYSE:PGR

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

Taking everything into account, PGR scores 10 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 90% of all other stocks. On top of that, PGR also shows a nice and consistent pattern of rising prices.
  • PGR is part of the Insurance industry. There are 140 other stocks in this industry. PGR outperforms 89% of them.
  • PGR is currently trading near its 52 week high, which is a good sign. The S&P500 Index however is also trading near new highs, which makes the performance in line with the market.
  • In the last month PGR has a been trading in the 204.65 - 217.77 range, which is quite wide. It is currently trading in the middle of this range where prices have been consolidating recently, this may present a good entry opportunity, but some resistance may be present above.

For an up to date full technical analysis you can check the technical report of PGR

How does the Setup look for NYSE:PGR

ChartMill takes into account not only the Technical Rating but also assigns a Setup Rating to each stock. This rating, on a scale of 0 to 10, reflects the degree of consolidation observed based on short-term technical indicators. Currently, NYSE:PGR exhibits a 9 setup rating, indicating its consolidation status in recent days and weeks.

Besides having an excellent technical rating, PGR also presents a decent setup pattern. Prices have been consolidating lately. 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 214.69. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 213.20, a Stop Loss order could be placed below this zone. We notice that large players showed an interest for PGR in the last couple of days, which is a good sign.

How to trade NYSE:PGR?

One strategy to consider is waiting for the actual breakout to occur, where the stock breaks out above the current consolidation zone. Traders can then enter a buy position, anticipating further upward momentum. As a risk management measure, it is advisable to set a stop loss order below the consolidation zone.

Disclaimer: This article is not intended to provide trading advice. It is crucial to conduct your own analysis and consider your own observations and trading style when making investment decisions. The article solely presents technical observations and should not be relied upon as a sole basis for trading.

More breakout setups can be found in our Breakout screener.

Keep in mind

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.

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PROGRESSIVE CORP

NYSE:PGR (5/29/2024, 7:23:35 PM)

After market: 203.15 0 (0%)

203.15

-2.03 (-0.99%)

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