Progressive (PGR) Offering Possible 12.36% Return Over the Next 6 Calendar Days

Progressive’s most recent trend suggests a bullish bias. One trading opportunity on Progressive is a Bull Put Spread using a strike $82.50 short put and a strike $77.50 long put offers a potential 12.36% return on risk over the next 6 calendar days. Maximum profit would be generated if the Bull Put Spread were to expire worthless, which would occur if the stock were above $82.50 by expiration. The full premium credit of $0.55 would be kept by the premium seller. The risk of $4.45 would be incurred if the stock dropped below the $77.50 long put strike price.

The 5-day moving average is moving up which suggests that the short-term momentum for Progressive is bullish and the probability of a rise in share price is higher if the stock starts trending.

The 20-day moving average is moving up which suggests that the medium-term momentum for Progressive is bullish.

The RSI indicator is at 78.88 level which suggests that the stock is neither overbought nor oversold at this time.

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