Progressive Corporation (NYSE: PGR) PGR stock is trading in the bull territory and is riding the gains inside the rising channel for the past sessions. Furthermore, the PGR stock price is trading close to the supply zone of $150, which, if it escapes, leads to a sharp rally toward the cluster of $180. PGR stock persisted in stretching the channel and attaining gains amid the broad selling in the market. Moreover, PGR stock will declare its Q2 earnings result next week, and analysts suggest a growth in revenues and profit. Furthermore, the chart structure shows that PGR stock is above the key moving averages and indicates buyer interest.
PGR share price has shown a vertical rebound and bounced from the trajectory lows of $115, indicating the buyers accumulation on the charts. Furthermore, the options chain suggests that, at the strike price of $145, a massive open interest of 2749 hundred shares on the call side indicates a strong resistance zone, whereas strong put writing with an open interest of 2434 was noted at the strike price of $140.
At press time, PGR stock price was $143.26 with an intraday gain of 0.28%, showing bullishness in yesterday’s session. Moreover, the trading volume increased by 0.54% to 1.369 Million, and the market cap is $83.855 Billion. However, analysts have maintained a neutral rating with a yearly target price of $142.35, suggesting that volatility may continue in the upcoming sessions.
Progressive Corp. is an insurance holding company that 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 Lines, Commercial Lines, and Property. The Personal Lines segment includes agency and direct businesses.
Will PGR Stock Extend Gains Toward $150?
On the daily charts, PGR stock price was in the bull trajectory and showcased bull dominance for the past sessions. Furthermore, the price action highlights short covering moves and suggests that follow-on buying will continue, and that PGR share price might reach $150 in the upcoming sessions. Furthermore, the PGR stock price is trading above the 50% Fibonacci level and is close to the upper Bollinger band.
The RSI curve stayed in the overbought zone and showed bullish divergence, indicating that bullishness will continue and PGR stock may reach $150.
The MACD indicator shows a bearish crossover and red bars on the histogram, showing neutrality in yesterday’s session.
Summary
PGR stock price is above the significant moving averages and is showcasing buyer interest. Moreover, the price action highlights bull dominance and suggests that bullishness will continue, and that PGR stock might reach $150 in the upcoming sessions.
Technical Levels
Support Levels: $140 and $135
Resistance Levels: $150 and $160
Disclaimer
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Source: https://www.thecoinrepublic.com/2023/10/10/pgr-stock-extends-the-bull-move-will-pgr-price-reach-150/