Potentially Bullish Consolidation in Procter & Gamble
Procter & Gamble quietly broke out of a 12-month range in November and December. Now, after a period of consolidation, it may be ready to continue higher.
The first feature on today’s chart is the W double-bottom pattern above $156. That potentially suggests new support has developed above its previous all-time highs.
Second, 50-day simple moving average (SMA) has caught up to the stock following its December surge.
Third, MACD is turning upward again after dropping during the last month of consolidation.
Finally, PG held its ground when markets tumbled in January. It’s also above its 50-day SMA – something that could only be said for about one-third of the S&P 500 on Thursday. That kind of relative strength in times of turmoil may foreshadow steadier gains if overall volatility fades.
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The first feature on today’s chart is the W double-bottom pattern above $156. That potentially suggests new support has developed above its previous all-time highs.
Second, 50-day simple moving average (SMA) has caught up to the stock following its December surge.
Third, MACD is turning upward again after dropping during the last month of consolidation.
Finally, PG held its ground when markets tumbled in January. It’s also above its 50-day SMA – something that could only be said for about one-third of the S&P 500 on Thursday. That kind of relative strength in times of turmoil may foreshadow steadier gains if overall volatility fades.
TradeStation is a pioneer in the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
Important Information
TradingView is not affiliated with TradeStation Securities Inc. or its affiliates. TradeStation Securities, Inc., TradeStation Crypto, Inc., and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., all operating, and providing products and services, under the TradeStation brand and trademark. When applying for, or purchasing, accounts, subscriptions, products and services, it is important that you know which company you will be dealing with. Please click here for further important information explaining what this means.
This content is for informational and educational purposes only. This is not a recommendation regarding any investment or investment strategy. Any opinions expressed herein are those of the author and do not represent the views or opinions of TradeStation or any of its affiliates.
Investing involves risks. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures, or digital assets); therefore, you should not invest or risk money that you cannot afford to lose. Before trading any asset class, first read the relevant risk disclosure statements on the Important Documents page, found here: https://www.tradestation.com/important-information.
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