Bulls Gain Momentum, Targets $150
Progressive Corporation (NYSE: PGR) stock price is surging. Moreover, the price action highlights buyer dominance, trading above the significant moving averages, guiding a trendline breakout in the past trading sessions. Furthermore, the chart structure suggests that the upright activity may reach stock toward the immediate swing of $150 in the following sessions.
PGR stock price showed a trendline breakout and persisted in gaining inside the rising parallel channel. The bulls have been gaining traction in the past sessions. Moreover, the chart structure shows a positive outlook and buyer interest for the past sessions, guiding uptrend and bullishness. The upper trajectory of PGR stock is near $150, which, if surpassed, will soon lead stock toward further highs of $170. Conversely, if the stock falls below $120, it will redirect toward $100 in the upcoming sessions.
At press time, PGR stock price was $134.84 with an intraday gain of 0.99%, showing bullishness on the charts. Moreover, the trading volume increased by 0.78% to 1.745 Million, and the market cap is $78.926 Billion. However, analysts maintained a neutral rating with a yearly target price of $139.24, suggesting a volatile chart structure.
Progressive Corp. is an insurance holding company which provides personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services. It operates through the following segments: Personal, Commercial, and Property.
The Personal Lines segment includes agency and direct businesses. The Commercial Lines segment writes primary liability and physical damage insurance for automobiles and trucks owned and operated predominately by small businesses in the auto, for-hire transportation, contractor, for-hire speciality, tow, and for-hire livery markets.
PGR Stock Price Action Suggests Bullishness on Daily Charts
On the daily charts, PGR stock price has surpassed the trendline and is trading above the 200-day EMA, showing buying traction in the past trading sessions. Furthermore, investors persist in accumulating the stock from the support region of $110.
The RSI curve stayed in the overbought zone and showed a bullish divergence on the charts, suggesting a positive outlook on the charts.
The MACD indicator showed a bullish crossover and formed green bars on the histogram, suggesting bullishness in the upcoming sessions.
Summary
Progressive Corporation (PGR stock) price shows a trendline breakout above the $130 hurdle and picked up momentum in the past trading sessions. Moreover, the price action indicates that bulls are ready to revisit the cluster of $150. Buyers looked aggressive and persisted in making long build-ups.
Technical Levels
Support Levels: $125 and $110
Resistance Levels: $150 and $170
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