PGR closes lower for the 3rd day in a row


Progressive Corp. (PGR) Technical Analysis Report for Jul 13, 2018 [< 1 min read]
Highlights
PGR closes lower for the 3rd day in a row
PGR breaks below previous session low
PGR falls to lowest close since March 7th
TQ Sentiment
Report Sentiment: 40% Bearish
Technical Forecast:
Overview

Moving lower for the 3rd day in a row, PGR ended the week -1.27% lower at 58.44 after edging lower $0.22 (-0.38%) today. Today's closing price of 58.44 marks the lowest close since March 7th. Closing below Thursday's low at 58.63, Progressive Corp. confirms its breakout through the previous session's low having traded $0.33 below it intraday.

Daily chart for PGR
Volatility

Friday's trading range was $0.46 (0.78%), that's far below last trading month's daily average range of $0.85. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being below average.

Support/Resistance

Prices are trading close to a key support level at 58.11. Prices are trading close to the key resistance level at 58.87.

Trend

Though still in a long-term uptrend, the short and medium-term trends both turned bearish already.

Order Flow

Trading close to May's low at 58.11 we could see further downside momentum if potential sell stops at the level get activated.

Conclusion

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

Market Conditions for Progressive Corp.
ConditionForecastDirectionWinAvgWorstBestEvents
High close to previous High TQ Pro Members Only
Bullish Bounce off SMA 20 TQ Pro Members Only
Bullish Hikkake Pattern TQ Pro Members Only
Close to Swing High TQ Pro Members Only
Close to R1 Resistance TQ Pro Members Only
More market conditions identified for TQ Pro members...
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