Current trend

Shares of The Procter & Gamble Co., one of the leaders in the consumer goods market, are moving within a long-term ascending channel: in the middle of the month they dropped to its lower limit of 153.12 (Murrey level [2/8]), reversed, and reached the upper limit of the main trading range Murrey 162.50 (Murrey level [8/8]), after consolidating above which growth may the area of 165.62 (Murrey level [ 2/8]) and 168.75 (Murrey level [7/8], W1). After a breakdown of the key “bearish” level of 157.81 (Murrey level [5/8]), supported by the middle line of Bollinger bands, a decline to the area of 154.69 (Murrey level [3/8]) and 153.12 (Murrey level [2/8]) is possible.

Technical indicators do not give a single signal: Bollinger Bands reversed horizontally, the MACD histogram entered the positive zone, but Stochastic is preparing to leave the overbought zone, not excluding a correction.

Support and resistance

Resistance levels: 162.50, 165.62, 168.75.

Support levels: 157.81, 154.69, 153.12.

Trading tips

Long positions may be opened above 162.50, with the targets at 165.62, 168.75, and stop loss 160.40. Implementation time: 5–7 days.

Short positions may be opened below 157.81, with the targets at 154.69, 153.12, and stop loss 159.70.