• Return to Headlines

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

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Progressive Corp (NYSE:PGR) based on the price action in the company's shares. Yesterday's price range of $71.60 and $74.74 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. Owners of Progressive Corp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

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.

In the past 52 weeks, shares of Progressive Corp have traded between a low of $62.18 and a high of $84.96 and closed yesterday at $73.54, which is 18% above that low price. The 200-day and 50-day moving averages have moved 0.38% lower and 0.45% lower over the past week, respectively.

Based on a current price of $73.54, Progressive Corp is currently 15.0% above its average consensus analyst price target of $62.50. Progressive Corp shares should first meet resistance at the 200-day moving average (MA) of $76.23 and find additional resistance at the 50-day MA of $77.67.

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: bearish am inside day candle progressive corp

Ticker(s): PGR