Progressive (PGR) is making a new high to close out the week. Flo looks happy about it!
Photo:Courtesy of Progressive.com
When the chart starts popping, it's time to pay attention.
This chart has a beautiful 5-year up trend going on. It recently took a few months off but now it continues to accelerate. The stock has been a strong performer and the SCTR is just pushing back into the top quartile.
There is lots of volume hitting the stock, so this sudden surge is really moving. The macro trend for the stock is very strong and this move looks like a resumption of the trend.
Greg Schnell, CMT, MFTA.
About the author:Greg Schnell, CMT, is a Senior Technical Analyst at StockCharts.com specializing in intermarket and commodities analysis. He is also the co-author of Stock Charts For Dummies (Wiley, 2018). Based in Calgary, Greg is a board member of the Canadian Society of Technical Analysts (CSTA) and the chairman of the CSTA Calgary chapter. He is an active member of both the CMT Association and the International Federation of Technical Analysts (IFTA).