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: last week, the price reached its upper limit of 168.75 (Murrey level [8/8]) but could not break higher and corrected to the reversal at 165.62 (Murrey level [6/8]), supported by the middle line of Bollinger bands, consolidation below which will allow the quotes to decline to the area of 162.50 (Murrey level [4/8]), 159.38 (Murrey level [2/8]), 156.25 ( Murrey level [0/8]). In the event of a breakout of the key “bullish” upper level of the Murrey trading range 168.75 (Murrey level [8/8]), positive dynamics may develop to the area of 171.88 (Murrey level [ 2/8]) and 175.00 (Murrey level [8/8], W1).

Technical indicators do not give a single signal: Bollinger Bands are pointing upwards, MACD histogram is decreasing in the positive zone, and Stochastic is pointing downwards.

Support and resistance

Resistance levels: 168.75, 171.88, 175.00.

Support levels: 165.62, 162.50, 159.38, 156.25.

Trading tips

Long positions may be opened above 168.75, with the targets at 171.88, 175.00, and stop loss 166.50. Implementation time: 5–7 days.

Short positions may be opened from 164.70, with the targets at 162.50, 159.38, 156.25, and stop loss 166.15.