The Greedy Trader Weekly Analysis
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Uptrend Exhaustion

Uptrend Exhaustion stock alert presents a technical analysis stock market picking technique based on combination of technical indicators, stock trend analysis, trend following indicators and pattern recognition. Stock market alert is a warning signal. Uptrend Exhaustion alert indicates that long term uptrend is exhausted and probability of long term trend reversal is high. Uptrend exhaustion stock market alert presents relatively low to medium risk - high reword stock pick for overvalued stocks.

The strategy is based on selling (or taking a short) position on anticipation of uptrend reversal.

Uptrend Exhaustion

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- 3/15/2024 -
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Progressive Corp. (PGR) Technical Analysis

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Summary:
Weekly :Overbought sectorBroken uptrend resistance line - uptrend exhaustionBroken uptrend resistance line - uptrend exhaustionRelative Strength Index and Williams' Percentage Range are overboughtLane's Stochastic is strongly overbought
Daily :Broken uptrend resistance line - uptrend exhaustionLane's Stochastic is strongly overboughtThe price is above the upper Bollinger Band
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It was a second consecutive positive week for the Progressive Corp. (PGR). During the week, the PGR gained 6.47 points, or 3.26%, and closed at 204.88 on Friday, March 15, 2024. PGR was trading at average weekly trading volume.

PGR is a member of Financials Sector. Financials is the most overbought sector. Sector/industry rotation is considered a proven strategy to beat the market. Use the following links to find overbought/oversold technical indicators by Sector or by Industry.

Long-term trend: [See PGR long-term trend chart]
A long-term uptrend had started on March 10, 2009 at 9.76 and reached 205.83 on March 15, 2024. PGR gained -196.07 points, or -2008.91%, in 783 weeks. The chart has formed a Rising Channel chart pattern. The uptrend resistance line (42.59) is broken, while daily and weekly technical indicators are overbought. Uptrend is exhausted and trend reversal is possible soon. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with broken trend resistance line in a long-term trend.

Medium-term trend: [See PGR medium-term trend chart]
A medium-term uptrend had started on February 4, 2014 at 22.53 and reached 205.83 on March 15, 2024. PGR gained -183.30 points, or -813.58%, in 527 weeks. The chart has formed a Rising Channel chart pattern. The uptrend resistance line (122.63) is broken, while daily and weekly technical indicators are overbought. Uptrend is exhausted and trend reversal is possible soon. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with broken trend resistance line in a medium-term trend.

Weekly Technical Indicators: [See PGR weekly technical indicators chart]
Weekly Relative Strength Index and Williams' Percentage Range are overbought while Lane's Stochastic is strongly overbought. Use the Technical Stock Screener to see the list of stocks with overbought weekly Relative Strength Index and Williams' Percentage Range or strongly overbought weekly Lane's Stochastic. Oscillators are designed to signal a possible trend reversal. They can act as alerts and should be taken in conjunction with other technical analysis tools. Oscillators can be used to confirm other technical signals. Use the following links to access Lane's Stochastic, Relative Strength Index and Williams' Percentage Range help.

The weekly MACD line is above its signal line since August 25, 2023. This is an indication that the medium-term trend is up. The distance between MACD and the signal line is relatively high and getting bigger. It indicates that the current medium-term uptrend is strong. Use the following link to access a MACD help.

Short-term trend: [See PGR short-term trend chart]
A short-term uptrend had started on December 15, 2023 at 149.14 and reached 205.83 on March 15, 2024. PGR gained -56.69 points, or -38.01%, in 91 days. The chart has formed a Rising Channel chart pattern. The uptrend resistance line (193.61) is broken, while daily and weekly technical indicators are overbought. Uptrend is exhausted and trend reversal is possible soon. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with broken trend resistance line in a short-term trend.

Daily Technical Indicators: [See PGR daily technical indicators chart]
Daily Lane's Stochastic is strongly overbought. Use the Technical Stock Screener to see the list of stocks with strongly overbought daily overbought Lane's Stochastic.

The daily MACD line is above its signal line since March 7, 2024. This is an indication that the short-term trend is up.

The price has closed on Friday above the upper Bollinger Band. It is considered a bullish signal. The Bollinger Bands are often used with a non-oscillator indicator like chart patterns or a trendline. The signals are considered more reliable if these indicators confirm the recommendation of the Bollinger Bands. Use the following links to access the Bollinger Bands Help, or use the Technical Stock Screener to see the list of stocks with the price above the Upper Bollinger Band or below the Lower Bollinger Band.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 71.61
Williams' Percentage Range (W%R) 33.20
Lane's Stochastic (%D-Slow) 93.64
Strong Overbought
Greed/Fear Indicator (GFI) 77.34
Moving Average Converg./Diverg. (MACD) 4.82
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 83.03
Overbought
Williams' Percentage Range (W%R) 11.00
Overbought
Lane's Stochastic (%D-Slow) 95.24
Strong Overbought
Greed/Fear Indicator (GFI) 87.51
Overbought
Moving Average Converg./Diverg. (MACD) 10.69
Trading Signals
Description Value Chart
Daily Stochastic Crossing 205.34
Price 204.88
Weekly Stochastic Crossing 204.03
Upper Bollinger Band 203.18
Weekly Trendline Resistance 201.33
Parabolic System 194.77
20 Day Moving Average 193.94
Weekly Trendline Support 193.61
Lower Bollinger Band 184.21
50 Day Moving Average 182.82
Sector and Industry
Description Name Rank
Sector Financials 11
Industry Property & Casualty Insurance 121
Daily Trend
Description Value
Direction Up
Chart Pattern Uptrend
Low 186.99
Low Date 03/01/2024
High 205.83
High Date 03/15/2024
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Rising Channel
Status Broken Resistance
Resistance 201.33
Support 193.61
Low 149.14
Low Date 12/15/2023
High 205.83
High Date 03/15/2024
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 111.41
Low Date 07/14/2023
High 205.83
High Date 03/15/2024
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Rising Channel
Status Broken Resistance
Resistance 145.72
Support 122.63
Low 22.53
Low Date 02/04/2014
High 205.83
High Date 03/15/2024
Description Value
Direction Up
Chart Pattern Rising Channel
Status Broken Resistance
Resistance 50.03
Support 42.59
Low 9.76
Low Date 03/10/2009
High 205.83
High Date 03/15/2024
Warning: TheGreedyTrader.com presents weekly analysis. Technical indicators and trend parameters are calculated for the close of business day indicated on the top right corner of the screen.