PRG trade ideas
PG monthly TAThe major bullish trend is still in effect. The final downward leg has been rejected by L.5 fan line, which I think will be revisited. So that means the bears still have a lot to do. Though, I will not be on the short side until I see a bearish crossover in Stoch unless there's a must-sell signal in a lower time frame.
Procter & Gamble heading towards new highLast week while the world was coming to an end, PG held its head above the water. We see that as a bullish sign. So we took a look at the chart and PG still sports a compelling story using the Elliott Wave Principle. First it appears the decline from 94 was only 3 waves down a counter trend move while the current advance from recent low @ 65 sure looks impulsive.
Thus, regardless if current advance is the real beginning of the next major rally of only part of more complex corrective move ( bullish triangle ? ) before that rally emerges, for now on and as long 65 holds we are bullish PG
For the very short term I would expect a bit more weakness towards 71-73 as the small correction ( wave ( 2 ) ) seem to be short in time. Earning report is due on Tuesday and that might generate some sparks.
PGDouble Top pattern for the short period.
In case of rebound at support line, it's a sideway period.
For the long position, it should be start after, bar go above resistance line.
DOW JONES OVERVIEW: PG AT MACRO UNCERTAINTY, SHORT TERM RISKProcter & Gamble is in uncertain situation on macro basis.
On long term basis price is trading between 10-year and 5-year means. Price close to macro means is actually an outlier, an indication of uncertainty of major market participants and investors regarding the stock.
On short term basis price is currently on downward risk, as it trades below the 1st standard deviation form 1-year mean @ 75.3 - indicating a downtrend on yearly basis.
It's No Gamble: A Major Top In Procter & GambleAlthough Procter & Gamble delivered quarterly profit that topped expectations on Thursday, it marked the sixth-straight drop in sales. Revenue of $17.79 billion was below forecasts and lower than last year's $20.16 billion, as P&G continued to be weighed down by a stronger dollar that stripped the value of overseas sales. More pressure is yet to come as the Fed prepares its rate hike.
From a technical perspective, the Head&Shoulders pattern is almost complete. The price has broken down below the former trendline support. On Wednesday we saw a retest of that line - and the move lower. According to the Elliott Wave Principle, the usual minimum target for the unfolding correction is the extreme of wave (a) of Triangle. In this case, we expect a more severe correction below $67.29.
Update on PGPG just keep unfolding as expected. Sure wish it would always be that clear. Actually it is very rare that a stock shows that nice of a pattern.
Anyway we are in a corrective rally and the only thing I am confident about is it is not over yet. Even if the rally of past couple of weeks stopped right at the apex of a contracting triangle ( wave iv ) a common occurrence, it is too short in time in relation to the first leg down to be over.
The rally appears to be a symmetrical double ZigZag opening the door for wave 2 will take the shape of an expanded flat i.e. PG would drop back down to 81 if not all the way to 79 before pushing higher towards 87.
I just don't know
PG revisitedEven if I am still somewhat bearish on the overall equity market, I have to move to neutral on PG as it has reached minimum expectation. It is hard to say if the last wave of the decline from all time high is over. Much more a matter of opinion thus I am taking my chips off the table on PG. If bears are not done pounding the stock, ideal target is around 77-78 and then next one is the extreme low of the triangle at 74.
Moving back above 84 will suggest the corrective rally is underway. Stay tuned.
PGUpdated. AB=CD 1.618 ext hit. Price went on to trace out a Bear Pennant which confirmed on Friday. Crab retrace target is 72.77 / Pennant tgt just above that.
Working an extended 3 Drives lowerDividend yield has already moved from 2.76% to over 3.10%, would be 3.3% at July 2014 low
PGNotes on chart. Has a weak look here and having completed a Crab, there could be more downside in store.
Procter Gamble - Beautiful Run - Short smallJust perfect: Speed limit respected and matched in all time frames.
perfect upside run since July: 21% in 5 waves.
Short 3% at current 93.46.
As soon as 87, take profit on half and move stop to entry on the remaining. take profit 82 on remaining if not stopped.
pgafter 2 weeks of rise seems that the market has had a break and very likely on the support of 80 to resume its bull run in 82.50 area where the vendors are strongly positioned so hardly can break this level throughout the month of August
PGLots going on here. Sym Tri in TEAL - yet to break out. Potential Double Bottom in PINK, yet to confirm. BUTTERFLY. Three bullish patterns. Several MA's entwined which I always like to see.
pgafter a week of rising now we are in box 81 of a resistance is not particularly strong so in this case we may have a congestion or a slight retracement then resume its course towards 82.50
pgaccording to options contracts open on the level 78 (among which we are also close to a support) sugerisce that there are strong PURCHASE and prices with great probability can arrive up to the resistance area 82.50/82.60
Short but be cautious.I took a little short position of this washing powder company. But one shall be coutious as we held above the 256 MA and bounced off from the Donchian Channel low. But I consider the test of this important MA as a warning signal that it can finally be broken. The rate could not leave the downward cannel and could not get above the EMA 20. Let's watch how it behaves for the rest of the day to decide whether to increase the position or leave it at this size.
