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Look for Shares of Progressive Corp to Potentially Rebound after Yesterday's 5.24% Sell Off

By David Diaz

Progressive Corp (NYSE:PGR) traded in a range yesterday that spanned from a low of $75.25 to a high of $78.99. Yesterday, the shares fell 5.2%, which took the trading range below the 3-day low of $78.58 on volume of 2.5 million shares. Often times after large one-day declines, short-term traders may play for some degree of mean reversion.

In the past 52 weeks, Progressive Corp share prices have been bracketed by a low of $56.71 and a high of $84.96 and are now at $75.60, 33% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has remained constant.

SmarTrend is monitoring the recent change of momentum in Progressive Corp. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Progressive Corp in search of a potential trend change.

Keywords: rebounders progressive corp

Ticker(s): PGR