PROGRESSIVE CORP is showing promising signs of setting up for a breakout.

We've identified PROGRESSIVE CORP (NYSE:PGR) as a potential breakout candidate based on our stock screener's analysis. This breakout setup pattern suggests that after a strong uptrend, the stock is currently consolidating, potentially signaling a continuation of the trend. Keep an eye on NYSE:PGR for further developments.

Deciphering the Technical Picture of NYSE:PGR

ChartMill employs a sophisticated system to assign a Technical Rating to every stock in its analysis. This rating, which ranges from 0 to 10, is determined by carefully assessing multiple technical indicators and properties.

We assign a technical rating of 10 out of 10 to PGR. Both in the recent history as in the last year, PGR has proven to be a steady performer, scoring decent points in every aspect analyzed.

• Both the short term and long term trends are positive. This is a very positive sign.
• When comparing the yearly performance of all stocks, we notice that PGR is one of the better performing stocks in the market, outperforming 92% of all stocks. We also observe that the gains produced by PGR over the past year are nicely spread over this period.
• PGR is part of the Insurance industry. There are 140 other stocks in this industry. PGR outperforms 92% of them.
• PGR is currently trading near its 52 week high, which is a good sign. The S&P500 Index is trading in the upper part of its 52 week range, but not near new highs, so PGR is leading the market.
• In the last month PGR has a been trading in a tight range between 202.09 and 212.24.
• Volume is considerably higher in the last couple of days.

Check the latest full technical report of PGR for a complete technical analysis.

Why is NYSE:PGR a setup?

In addition to the Technical Rating, ChartMill provides a Setup Rating for each stock. This rating, ranging from 0 to 10, assesses the level of consolidation in the stock based on multiple short-term technical indicators. Currently, NYSE:PGR has a 10 as its setup rating, indicating its current consolidation status.

Besides having an excellent technical rating, PGR also presents a decent setup pattern. We see reduced volatility while prices have been consolidating in the most recent period. There is a resistance zone just above the current price starting at 211.01. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 207.18, a Stop Loss order could be placed below this zone. We notice that large players showed an interest for PGR in the last couple of days, which is a good sign. Another positive sign is the recent Pocket Pivot signal.

Trading breakout setups.

A breakout opportunity may arise when the stock surpasses the current consolidation zone and reaches new highs. Traders often wait for this breakout before considering buying the stock. To manage risk, a stop loss order could be placed below the consolidation zone to limit potential losses.

Disclaimer: This article is not intended to provide trading advice. It is crucial to conduct your own analysis and consider your own observations and trading style when making investment decisions. The article solely presents technical observations and should not be relied upon as a sole basis for trading.

More breakout setups can be found in our Breakout screener.

Keep in mind

This article should in no way be interpreted as advice in any way. The article is based on the observed metrics at the time of writing, but you should always make your own analysis and trade or invest at your own responsibility.