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Watch for Continued Gains in Shares of Progressive (PGR)

By Nick Russo

Progressive (NYSE:PGR) traded today at a new 52-week high of $44.83. So far today approximately 492,000 shares have been exchanged, as compared to an average 30-day volume of 3.1 million shares.

Over the past year, Progressive has traded in a range of $26.67 to $44.83 and is now at $44.74, 68% above that low. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.3%.

Progressive (NYSE:PGR) is currently priced 15.7% above its average consensus analyst price target of $37.71. The stock should discover initial support at its 50-day moving average (MA) of $33.70 and subsequent support at its 200-day MA of $31.73.

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 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 36.3%. We continue to monitor PGR for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: 52 week high/lows Progressive

Ticker(s): PGR