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Bearish Moving Average Cross by Progressive (PGR)

By Shiri Gupta

Progressive (NYSE:PGR) crossed under its 10-day moving average of $39.32 on a volume of 1.6 million shares. Swing traders may find an opportunity for a short position, as such a crossover often suggests lower prices in the near term.

Progressive share prices have moved between a 52-week high of $40.74 and a 52-week low of $26.67 and are now trading 46% above that low price at $38.87 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.3% while the 200-day MA has remained constant.

SmarTrend recommended that subscribers consider buying shares of Progressive on October 14th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $32.82. Since that recommendation, shares of Progressive have risen 20.5%. We continue to monitor PGR for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: moving crosses Progressive

Ticker(s): PGR