Progressive Corp (PGR) Drops After Downgrade, Watch This Level
Leading insurance holding company, Progressive Corp (PGR), is coming under some sharp selling pressure today. The stock is trading lower by 3.89% to $96.46 a share. The fall comes after a downgrade by Morgan Stanley to Underweight from In line due to looming margin pressure. The popular insurance stock is now trading below its important 50-day moving average. This puts the stock in a weak technical position on the charts and could signal further downside in the shares.
Traders should now watch for very solid chart support around the $88.00 level. This level is where the stock broke out of a bearish formation in March 2021. Very often, when stocks retest major reversals from the past they will be defended by the institutional crowd. This level would be a very good long side opportunity for Progressive Corp (PGR) stock.
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