PROGRESSIVE CORP is setting up nicely for a breakout.

PROGRESSIVE CORP (PGR)       135.07   +0.16 (+0.12%)

After market: 135.07 0 (0%)


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PROGRESSIVE CORP is setting up nicely for a breakout.2 months ago - Chartmill

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 2022-11-21

Technical Analysis Observations

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 8 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 95% of all other stocks. We also observe that the gains produced by PGR over the past year are nicely spread over this period.
  • PGR is one of the better performing stocks in the Insurance industry, it outperforms 94% of 139 stocks in the same industry.
  • PGR is currently trading near its 52 week high. This is a good sign, certainly because the S&P500 Index is not trading near new highs.
  • In the last month PGR has a been trading in the 120.26 - 131.00 range, which is quite wide. It is currently trading near the high of this range.
  • Prices have been consolidating recently, this may present a good entry opportunity.

Why is NYSE:PGR a setup?

ChartMill also assign a Setup Rating to every stock. With this score it is determined to what extend the stock has been trading in a range in the recent days and weeks. This score also ranges from 0 to 10 and is updated daily. The setup score evaluates various short term technical indicators. NYSE:PGR scores a 9 out of 10:

Besides having an excellent technical rating, PGR 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 128.68. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 128.21, 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. Another positive sign is the recent Pocket Pivot signal.

How to trade NYSE:PGR?

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.

Of course, there are many ways to trade or not trade NYSE:PGR and this article should in no way be interpreted as trading advice. The article is purely based on an automated technical analysis and just points out the technical observations. Always make your own analysis and trade at your own responsibility.

Our Breakout analyzer lists more breakout setups and is updated daily.

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