This Foreboding Sign Looms Over Progressive's Chart
Portfolio Pulse from Benzinga Insights
A 'death cross' has formed on the chart of Progressive (NYSE:PGR), which could indicate a bearish trend for the stock. This occurs when the 50-day moving average moves below the 200-day moving average. However, seasoned investors use this as a signal to start considering possible short positions based on other factors. Progressive's past earnings have been mixed, with actual EPS and revenue often falling short of estimates.
June 28, 2023 | 2:48 pm
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The formation of a 'death cross' on Progressive's chart could indicate a bearish trend. However, this is typically used as a signal for potential short positions, not a definitive sell signal. Progressive's mixed earnings history may also impact investor sentiment.
The 'death cross' is a technical indicator that suggests a bearish trend, which could lead to a decrease in the stock price. However, it's not a definitive sell signal and is often used as a signal for potential short positions. Progressive's mixed earnings history, with actual EPS and revenue often falling short of estimates, may also negatively impact investor sentiment.
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