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

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Progressive Corp (NYSE:PGR) based on the price action in the company's shares. Yesterday's price range of $74.58 and $75.17 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. Traders and investors interested in shares of Progressive Corp may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Progressive Corp (NYSE:PGR) defies analysts with a current price ($75.01) 16.7% above its average consensus price target of $62.50. The stock should find resistance at its 50-day moving average (MA) of $76.70, as well as support at its 200-day MA of $74.56.

Over the past year, Progressive Corp has traded in a range of $56.71 to $84.96 and closed yesterday at $75.01, 32% above that low. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.5% while the 200-day MA has risen 0.3%.

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 is tracking the current trend status for Progressive Corp and will alert subscribers who have PGR in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle progressive corp

Ticker(s): PGR