The Progressive Corp (PGR) got a favorable review Tuesday from a sell side firm with a $136 price target. We are all familiar with their memorable insurance TV commercials but do we know what the charts look like? Let's check.
In this daily bar chart of PGR, below, we can see that prices are in an uptrend from October - these days not too many stocks are in that category. PGR is trading above the rising 50-day moving average line and above the rising 200-day line.
The On-Balance-Volume (OBV) line shows strength from November. The Moving Average Convergence Divergence (MACD) oscillator has been oscillating around the zero for the past few months.
In this weekly Japanese candlestick chart of PGR, below, we can see a longer-term uptrend from early 2020. Prices are trading above the rising 40-week moving average line. The weekly OBV line confirms the price gains of the past three years. The MACD oscillator is above the zero line in positive territory but fluctuating with frequent signals in recent months.
In this daily Point and Figure chart of PGR, below, we can see a $136 price target.
In this weekly Point and Figure chart of PGR, below, we can see a potential price target in the $154 area.
Bottom line strategy: Traders could probe the long side of PGR at current levels risking to $106. Add to longs above $122. $136 is our first upside price target.
