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- 6/26/2020 -
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Progressive Corp. (PGR)

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Summary:
Weekly :Broken trend resistance lineTrend support at 77.68
Daily :Daily  MACD line has moved below its signal lineA Parabolic SAR indicator is above and near the pricePrice has crossed below the 50 Day Moving AverageBearish Harami CandlestickThe price has declined below the moving average in the center of the Bollinger Bands
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It was the negative week for the Progressive Corp. (PGR). During the week, the PGR dropped -3.10 points, or -3.83%, and closed at 77.89 on Friday, June 26, 2020. Weekly volume was -39% below average.

Long-term trend: [See PGR long-term trend chart]
A long-term uptrend had started on March 10, 2009 at 9.76 and reached 84.96 on July 15, 2019. PGR gained -75.20 points, or -770.49%, in 539 weeks. The chart has formed a Rising Channel chart pattern. The uptrend resistance line (34.82) is broken. Usually a broken resistance is considered to be a long-term bullish signal, although a short-term pull back is possible. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with broken trend resistance line in a long-term trend.

Medium-term trend: [See PGR medium-term trend chart]
A medium-term uptrend had started on March 23, 2020 at 62.18 and reached 83.83 on April 28, 2020. PGR gained -21.65 points, or -34.82%, in 5 weeks. The chart has formed a Ascending Triangle chart pattern. The price is near the trend support (77.68) line. The support is usually stronger when technical indicators are oversold. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with price testing the trend support line in a medium-term trend.

Weekly Technical Indicators: [See PGR weekly technical indicators chart]
Weekly technical indicators are neutral.

The weekly MACD line is above its signal line since June 5, 2020. This is an indication that the medium-term trend is up. The distance between MACD and the signal line is low and getting smaller. It indicates that the current medium-term uptrend is getting weak. Use the following link to access a MACD help.

Short-term trend: [See PGR short-term trend chart]
A short-term uptrend had started on May 13, 2020 at 71.25 and reached 83.16 on June 19, 2020. PGR gained -11.91 points, or -16.72%, in 37 days. The chart has formed a Rising Wedge chart pattern. The trend support level is at 76.79 and resistance is at 83.39. A Rising Wage is a triangle formation with a noticeable slant to the upside. It represents the loss of an upside momentum on each successive high and has a bearish bias. The Rising wedge usually marks a reversal in an uptrend. In a downtrend a rising wedge is considered to be a continuation pattern. Use the following link to access a Rising Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Rising Wedge pattern in a short-term trend.

Daily Technical Indicators: [See PGR daily technical indicators chart]
Daily technical indicators are neutral.

During the last week, daily MACD line has moved below its signal line. Such crossover is considered a bearish signal.

A Parabolic SAR (stop and reversal) indicator (77.36) comes close to the price (77.89). It indicates that the trend is getting weaker. A Parabolic SAR is used as a trailing stop loss for long or short positions. It works best during strong trending periods. Use the following links to access Parabolic SAR Help, or use the Technical Stock Screener to see the list of stocks with the Parabolic SAR close to the price level.

During the last week, the price has declined below the moving average in the center of the Bollinger Bands. The Bollinger Bands are often used with a non-oscillator indicator like chart patterns or a trendline. The signals are considered more reliable if these indicators confirm the recommendation of the Bollinger Bands. Use the following links to access the Bollinger Bands Help, or use the Technical Stock Screener to see the list of stocks with the price above the Upper Bollinger Band or below the Lower Bollinger Band.

During the last week, the price has crossed below the 50 Day Moving Average. Such crossover is considered a bearish signal. The moving average crossover signals work better when the stock develops a strong trend, but they are ineffective when the stock is in a trading range. Moving average crossover systems can be effective, but should be used in conjunction with trend patterns, momentum indicators, candlesticks and other aspects of technical analysis. Use the following links to access Moving Average Crossover trading technique, or use the Technical Stock Screener to see the list of stocks with the Moving Average close to the price level.

Candlestick pattern: [See PGR candlestick chart pattern]
On Friday the chart has formed a Bearish Harami Candlestick pattern. A Bearish Harami pattern occurs in an uptrend. It shows the bulls’ upward drive has weakened and now a trend reversal is possible. The reliability of the Bearish Harami pattern is low. Use the Technical Stock Screener to see the list of stocks that had a Bearish Harami Candlestick pattern during the last week.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 41.55
Williams' Percentage Range (W%R) 48.80
Lane's Stochastic (%D-Slow) 46.41
Greed/Fear Indicator (GFI) 46.40
Moving Average Converg./Diverg. (MACD) 0.68
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 60.33
Williams' Percentage Range (W%R) 22.80
Lane's Stochastic (%D-Slow) 63.62
Greed/Fear Indicator (GFI) 64.78
Moving Average Converg./Diverg. (MACD) 0.61
Trading Signals
Description Value Chart
Weekly Trendline Resistance 83.39
Monthly Trendline Resistance 82.75
Upper Bollinger Band 82.09
Daily Stochastic Crossing 79.58
20 Day Moving Average 79.46
Weekly Stochastic Crossing 79.06
50 Day Moving Average 78.17
Price 77.89
Monthly Trendline Support 77.68
Parabolic System 77.36
Weekly Trendline Support 76.79
Lower Bollinger Band 75.72
Sector and Industry
Description Name Rank
Sector Financials 5
Industry Property & Casualty Insurance 34
Daily Trend
Description Value
Direction Down
Chart Pattern DownTrend
High 83.16
High Date 06/19/2020
Low 77.18
Low Date 06/24/2020
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Rising Wedge
Status Valid
Resistance 83.39
Support 76.79
Low 71.25
Low Date 05/13/2020
High 83.16
High Date 06/19/2020
Description Value
Direction Up
Chart Pattern Ascending Triangle
Status Test Support
Resistance 82.75
Support 77.68
Low 62.18
Low Date 03/23/2020
High 83.83
High Date 04/28/2020
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 22.53
Low Date 02/04/2014
High 84.96
High Date 07/15/2019
Description Value
Direction Up
Chart Pattern Rising Channel
Status Broken Resistance
Resistance 42.27
Support 34.82
Low 9.76
Low Date 03/10/2009
High 84.96
High Date 07/15/2019
Warning: TheGreedyTrader.com presents weekly analysis. Technical indicators and trend parameters are calculated for the close of business day indicated on the top right corner of the screen.

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