Progressive Corporation (The) Stock Forecast
Progressive Corporation (The) stock downgraded to Hold/Accumulate
(Updated on Apr 19, 2024)
The Progressive Corporation (The) stock price gained 2.36% on the last trading day (Friday, 19th Apr 2024), rising from $209.75 to $214.69. It has now gained 6 days in a row. It is not often that stocks manage to gain so many days in a row, and falls for a day or two should be expected. During the last trading day the stock fluctuated 2.21% from a day low at $210.54 to a day high of $215.18. The price has risen in 7 of the last 10 days and is up by 1.75% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 2 million more shares were traded than the day before. In total, 4 million shares were bought and sold for approximately $783.39 million.
The stock lies in the middle of a 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 21.92% during the next 3 months and, with a 90% probability hold a price between $251.19 and $264.92 at the end of this 3-month period.
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PGR Signals & Forecast
The Progressive Corporation (The) stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, 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 $207.81 and $203.97. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, April 11, 2024, and so far it has risen 6.15%. Further rise is indicated until a new top pivot has been found. Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for Progressive Corporation (The) stock
Progressive Corporation (The) finds support from accumulated volume at $206.15 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the stock tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved $4.65 between high and low, or 2.21%. For the last week the stock has had daily average volatility of 1.60%.
Since the Progressive Corporation (The) has been rising for 6 days in a row, the risk over the next couple of days has increased. As we cannot be certain with regards to the size of the reaction, we urge caution.
Our recommended stop-loss: $205.85 (-4.12%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 6 days ago.)
Trading Expectations (PGR) For The Upcoming Trading Day Of Monday 22nd
For the upcoming trading day on Monday, 22nd we expect Progressive Corporation (The) to open at $213.47, and during the day (based on 14 day Average True Range), to move between $210.97 and $218.41, which gives a possible trading interval of +/-$3.72 (+/-1.73%) up or down from last closing price. If Progressive Corporation (The) takes out the full calculated possible swing range there will be an estimated 3.46% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ $206.15, some $8.54 (3.98%) from the current price of $214.69, our system finds the risk reward attractive.
Is Progressive Corporation (The) stock A Buy?
Progressive Corporation (The) holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.
Current score: 0.000 Hold/Accumulate Downgraded
Zero in score indicates that our system is expecting high volatility and risk for the following trading day. Given the latest developments, we cannot determine the next direction as it may go both ways.
Predicted Opening Price for Progressive Corporation (The) of Monday, April 22, 2024
| Fair opening price April 22, 2024 | Current price |
|---|---|
| $213.47 ( 0.569%) | $214.69 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for PGR
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 218.11 | 1.59 % | |
| R2 | 216.34 | 0.768 % | ||
| R1 | 215.24 | 0.257 % | ||
| Current price: | 214.69 | |||
| Support | S1 | 211.69 | -1.40 % | |
| S2 | 210.60 | -1.91 % | ||
| S3 | 208.82 | -2.73 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 0 | . | ||
| Current price | 214.69 | |||
| Support | S1 | 206.15 | -3.98% | |
| S2 | 203.90 | -5.03% | ||
| S3 | 178.36 | -16.92% |
PGR Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Mar 04, 2024 | Apr 03, 2024 | Apr 12, 2024 | $0.100 | 0.0490% |
| 2 | Dec 01, 2023 | Jan 18, 2024 | Jan 26, 2024 | $0.750 | 0.418% |
| 3 | Aug 04, 2023 | Oct 04, 2023 | Oct 13, 2023 | $0.100 | 0.0645% |
| 4 | May 12, 2023 | Jul 06, 2023 | Jul 14, 2023 | $0.100 | 0.0856% |
| 5 | Mar 03, 2023 | Apr 05, 2023 | Jul 14, 2023 | $0.100 | 0.0856% |
FAQ
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