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For today's chart we've chosen to take a look at PGR because it has recently bounced off the resistance of an influential trendline. As you can see from the chart below, the bulls have had a difficult time pushing the price of PGR shares above the trendline (dotted white line), which is the main reason we'd expect the downtrend to continue.

We've also included the MACD indicator, which has recently crossed below the zero line. This bearish crossover tells traders that the short-term moving average (12-day EMA) has just crossed below the longer term average (26-day EMA), which is generally a technical sign of increased downward momentum.


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