Procter & Gamble ( PG )
Procter & Gamble fell sharply two months ago. Now, after a rebound, it could be struggling. The first pattern on today’s chart is the big drop on May 18 after Target’s ( TGT ) weak quarterly report hammered retailers. PG rebounded toward $149 before making a new 52-week low under $130. It then retraced most – but not all – of the drop. The result was a slightly lower high below the late-May pivot .
Next, the stock hit resistance at its falling 50-day simple moving average ( SMA ). Notice the candlesticks with high tails July 6-13, showing an inability to close above the SMA . It’s also back below its 21-day exponential moving average ( EMA ), another sign of a downtrend.
Third, stochastics are dropping from an overbought status.
Short Term - Sell at 144.80 ish (stop at 147.50)
Targets: 140ish&137ish
Resistance: 147.82/152.25/156.81
Support: 139/136.45/131.85
NYSE:PG