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Progressive (PGR) Crossed Above the 200-Day Moving Average: What That Means for Investors
Progressive (PGR - Free Report) reached a significant support level, and could be a good pick for investors from a technical perspective. Recently, PGR broke through the 200-day moving average, which suggests a long-term bullish trend.
A useful tool for traders and analysts, the 200-day simple moving average helps determine long-term market trends for stocks, commodities, indexes, and other financial instruments. It moves higher or lower in conjunction with longer-term price performance, and serves as a support or resistance level.
Shares of PGR have been moving higher over the past four weeks, up 5.6%. Plus, the company is currently a Zacks Rank #3 (Hold) stock, suggesting that PGR could be poised for a continued surge.
The bullish case only gets stronger once investors take into account PGR's positive earnings estimate revisions. There have been 7 higher compared to none lower for the current fiscal year, and the consensus estimate has moved up as well.
Given this move in earnings estimate revisions and the positive technical factor, investors may want to keep their eye on PGR for more gains in the near future.