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After Yesterday's Rally of 1.81% Shares Could Potentially Pullback

By David Diaz

Progressive (NYSE:PGR) traded in a range yesterday that spanned from a low of $43.47 to a high of $44.52. Yesterday, the shares gained 1.8%, which took the trading range above the 3-day high of $43.82 on volume of 1.5 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.

In the past 52 weeks, shares of Progressive have traded between a low of $26.67 and a high of $44.52 and are now at $44.31, which is 66% above that low price. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.3%.

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 32.9%. We continue to monitor PGR for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: rebounders Progressive

Ticker(s): PGR