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Progressive Corp Falls 1.80% on Heavy Volume: Watch For Potential Rebound

By Nick Russo

Progressive Corp (NYSE:PGR) traded in a range yesterday that spanned from a low of $81.07 to a high of $82.39. Yesterday, the shares fell 1.8%, which took the trading range below the 3-day low of $82.33 on volume of 1.1 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, shares of Progressive Corp have traded between a low of $56.71 and a high of $84.30 and are now at $81.23, which is 43% above that low price. Over the past week, the 200-day moving average (MA) has gone up 0.3% while the 50-day MA has advanced 0.8%.

SmarTrend recommended that subscribers consider buying shares of Progressive Corp on May 16th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $78.04. Since that recommendation, shares of Progressive Corp have risen 5.8%. We continue to monitor PGR for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: rebounders progressive corp

Ticker(s): PGR