• Return to Headlines

Possible Bearish Inside Day Candle Pattern Detected for Progressive Corp (NYSE:PGR)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Progressive Corp (NYSE:PGR) based on the price action in the company's shares. Yesterday's price range of $72.94 and $73.48 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Progressive Corp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Progressive Corp share prices have moved between a 52-week high of $73.78 and a 52-week low of $56.71 and closed yesterday at 29% above that low price at $73.06 per share. Over the last five market days, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has advanced 1.2%.

Progressive Corp (NYSE:PGR) is currently priced 14.5% above its average consensus analyst price target of $62.50. The stock should discover initial support at its 50-day moving average (MA) of $68.17 and subsequent support at its 200-day MA of $65.62.

The Progressive Corporation is an insurance holding company. The Company, through its subsidiaries, provide personal and commercial automobile insurance and other specialty property-casualty insurance and related services throughout the United States.

SmarTrend recommended that subscribers consider buying shares of Progressive Corp on January 16th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $62.25. Since that recommendation, shares of Progressive Corp have risen 18.3%. We continue to monitor PGR for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle progressive corp

Ticker(s): PGR