PGR breaks below 20-day moving average


Progressive Corp. (PGR) Technical Analysis Report for Jun 14, 2018 [1 min read]
Highlights
PGR dominated by bears dragging the market lower throughout the day
PGR breaks below 20-day moving average
PGR ends the day on a bearish note closing near the low of the day
PGR breaks below previous session low
PGR falls to lowest close since May 29th
TQ Sentiment
Technical Forecast:
Overview

PGR ended Thursday at 61.89 losing $0.63 (-1.01%). Today's closing price of 61.89 marks the lowest close since May 29th. The bears were in full control today, moving the market lower throughout the whole session. Closing below Wednesday's low at 62.15, the share confirms its breakout through the previous session's low having traded $0.45 below it intraday. Ending with a weak close near the low of the day sets a bearish note for the next session.

Daily chart for PGR
Volatility

Thursday's trading range was $1.27 (2.02%), that's slightly above last trading month's daily average range of $1.02. Weekly volatility is also higher, being above the markets average with the monthly volatility being slightly above average.

Price Action

In spite of a strong opening the market closed below the prior day's open and close, forming a bearish Engulfing Candle.

Support/Resistance

Prices are trading close to a key support level at 61.25. Prices are trading close to the key resistance level at 62.67.

Trend

Although Progressive Corp. is currently in a short-term down trend, this might just be a correction, as the medium and long term trends are both positive. The stock broke below the 20-day moving average at 62.22 today for the first time since June 12th.

Conclusion

While classical technical analysis indicates a bearish sentiment for the next trading day, our quantitative statistics show a different picture being very bullish.

Market Conditions for Progressive Corp.
ConditionForecastDirectionWinAvgWorstBest
Close to S1 Support TQ Pro Members Only
Low close to previous low TQ Pro Members Only
Black Candle TQ Pro Members Only
Strong Down Move TQ Pro Members Only
Bullish Bounce off SMA 50 TQ Pro Members Only
More market conditions identified for TQ Pro members...
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Latest Report:

PGR breaks below 20-day moving average

Jun 18, 2018
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