PG Channel Trade - Oversold/Bounce
PG set up for bounce. Staple goods. Looking for reversal confirmation.
Trade active
Strong bounce off the lower trendline to the first resistance level at 161.86. Earnings tomorrow pre-market will determine if 161.86 turns into support as we move towards 166-172 or if we fall back down to lower trendline at 156-160Trade closed: target reached
Gapped up to $167 driven by earnings report.
Hit our 2nd PT of 166.50 and trimmed 25% of contracts for profit.
Lots of expiry on these so letting the rest cook
Note
$169.94 new local high reached. trimmed additional contracts here and leaving 20% as runners. Considering this trade closed with some riskier upside left.Note
Currently trading around support at $166.
Macro momentum will likely decide if PG move towards $172 or chops near spot.
just practicing & learning
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just practicing & learning
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.