PGR - Progressive Corporation (The)

Industry: Property & Casualty Insurance Sector: Financial

Buy Candidate
Fri 21'st Apr 2017

VOLUME
Sell
TREND
Buy
MV LONG
Sell
MV SHORT
Buy
PIVOT
Buy
MACD
Buy
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Progressive Corporation (The) Stock Analysis

Technical stock analysis for Fri 21'st Apr 2017

Buy candidate since 2017-04-20 Loss -0.08%

Progressive Corporation (The) fell by -0.08% in the last day, from USD 39.41 to USD 39.38 The price has been going up and down for this period, and there has been a 0.33% gain for the last 2 weeks. Volume fell in the last day along with the stock, which is actually a good sign as volume should follow the stock. In the last day, the trading volume fell by -0.71 million shares and in total, 2.29 million shares bought and sold for approximately USD 90.12 million.

Trend

Progressive Corporation (The) lies in the lower part of a weak rising trend in the short term, and this will normally pose a very good buying opportunity. A break down the bottom trend line at USD 39.08 will firstly indicate a slower raising rate, but may also be a early warning for a trend shift. Given the current short-term trend, the stock is expected to rise 6.8% during the next 3 months and, with 90% probability hold a price between USD 41.74 and USD 44.22 at the end of this period.

Signals

A buy signal was issued from a pivot bottom point on Friday March 31, 2017, which indicates further gains until a new top pivot has been found. Some negative signals were issued as well, and these may have some influence on the near short-term development. Progressive Corporation (The) holds a buysignal from the short-term moving average; at the same time, however, a sales signal from the long-term average. Since the longterm average is above the short-term average there is a general salessignal in the stock. On further gains, the stock will meet resistance from the long-term moving average at USD 39.53. On a fall, the stock will find some support from the short-term average at USD 39.26. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sales signal and strengthen the general signal. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.

Relative Strength Index (RSI)

RSI14 is 54 and the stock is currently not being overbought or oversold

Support & Resistance

Progressive Corporation (The) finds support from accumulated volume at USD 39.25, USD 39.18, and USD 39.01. On the upside the stock meets some resistance just above today's level from accumulated volume at USD 40.22, USD 40.02 and USD 39.68.

The stock is about to test the resistance from accumulated volume at USD 40.22 and this may cause the stock to take a minor break or get into a more sideways move for a few days.

Risk

This stock is usually traded at good volume, and with minor daily changes the risk is considered to be low. During the last day, the stock moved USD 0.30 (0.77%) between high and low. For the last week, the stock has had a daily average volatility of 1.67%.

Our recommended stoploss: USD 37.05 (-5.92%) (This stock has low daily movements and this gives low risk. There is a buy signal from pivot bottom found 14 days ago.)

Evaluation

Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for this stock to perform well in the short-term. We have upgraded our recommendation for this stock since last evaluation from a Hold/Accumulate to a Buy Candidate.

Buy Candidate

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