Fri 19'th Jan 2018
Progressive Corporation (The) Stock Analysis
Technical stock analysis for Fri 19'th Jan 2018
|Shorts||3.03% ( 2017-12-29 )|
Progressive Corporation (The) lies in the middle of a narrow and strong rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 18.44% during the next 3 months and, with 90% probability hold a price between $67.29 and $69.41 at the end of this period.
Only positive signals in the chart today. Progressive Corporation (The) holds buy signals from both short- and long-term moving averages. In addition, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down there will be some support from the lines at $56.53 and $55.48. A break down below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday January 04, 2018, which indicates further gains until a new top pivot has been found. Volume is rising along with the price. This is considered to be a good technical signal.
Relative Strength Index (RSI)
RSI14 is 63 and the stock is currently not being overbought or oversold
Support & Resistance
Progressive Corporation (The) finds support from accumulated volume at $56.17. There is no resistance from accumulated volume above today's level and given the right condition the stock may perform very well during the next couple of days.
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 $0.51 (0.89%) between high and low. For the last week, the stock has had a daily average volatility of 1.28%.
Since the Progressive Corporation (The) has been rising for 6 days in a row, the risk for the next couple of days has increased. We don't expect a major reaction as the stock is in very good shape technically, and therefore hold a positive evaluation despite the very short term risk.
Our recommended stoploss: $54.77 (-5.01%) (This stock has low daily movements and this gives low risk. There is a buy signal from pivot bottom found 10 days ago.)
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Progressive Corporation (The) holds several positive signals and is within a strong rising trend. As the old saying says, "Let the trend be your friend.'". We therefore consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months. We have upgraded our recommendation for this stock since last evaluation from a Buy Candidate to a Strong Buy Candidate.
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