PGR closes lower for the 3rd day in a row
Progressive Corp. (PGR) Technical Analysis Report for Jul 13, 2018
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.
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.
Prices are trading close to a key support level at 58.11. Prices are trading close to the key resistance level at 58.87.
Though still in a long-term uptrend, the short and medium-term trends both turned bearish already.
Trading close to May's low at 58.11 we could see further downside momentum if potential sell stops at the level get activated.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.