PGR - Progressive Corporation (The) Tue 24'th Jan 2017
Stock analysis for Tue 24'th Jan 2017 (Updated daily)
Buy candidate since 2017-01-24
Progressive Corporation (The) Stock Analysis
Progressive Corporation (The) gained 0.47% in the last trading day, rising from USD 36.44 to USD 36.61. The price has risen in 7 of the last 10 days days and is up by 2.49% over the past 2 weeks. Volume fell in the last day by -0.06 million shares and ,in total, 2.94 million shares bought and sold for approximately USD 108 million. You should note that falling volume on higher prices causes divergence and may be an early warning about possible changes for the next couple of days.
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 17.7% during the next 3 months and, with 90% probability hold a price between USD 42.43 and USD 44.48 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 USD 36.36 and USD 35.45. A break down below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday January 17, 2017, which indicates further gains until a new top pivot has been found. Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and may be an early warning. The stock should be watched closely.
Relative Strength Index (RSI)
RSI14 is 68 and the stock is currently not being overbought or oversold
Support & Resistance
Progressive Corporation (The) finds support from accumulated volume at USD 35.72, USD 35.09, and USD 33.44. 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 USD 0.38 (1.05%) between high and low. For the last week, the stock has had a daily average volatility of 1.21%.
Our recommended stoploss: USD 35.35 (-3.44%) ( criteria: risk and closeness to support from trendline.)
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.