Current trend

The shares of The Procter & Gamble Co., one of the leaders in the consumer goods market, are moving within a long-term ascending channel. Last month, the price tested the upper mark of the Murrey trading range of 168.75 (Murrey level [8/8]) several times but could not consolidate above and corrected downwards.

Currently, the quotes are trying to break the central mark of the trading range at 162.50 (Murrey level [4/8]). A consolidation below will allow them to reach the area of ​​159.38 (Murrey level [2/8], the lower border of the ascending channel) and 157.81 (Murrey level [1/8]). In case of consolidation above 167.19 (Murrey level [7/8]), supported by the middle line of Bollinger bands, it may grow to the area of ​​170.31 (Murrey level [ 1/8]) and 171.88 (Murrey level [ 2/8]).

Technical indicators do not give a single signal. Bollinger bands are horizontal, the MACD histogram is preparing to move into the negative zone, and Stochastic is approaching the oversold zone and may reverse upwards. In addition, the price chart has gone beyond the lower Bollinger band, not excluding a correction.

Support and resistance

Resistance levels: 167.19, 170.31, 171.88.

Support levels: 162.50, 159.38, 157.81.

Trading tips

Long positions may be opened above 167.19, with the targets of 170.31, 171.88, and stop loss of 165.00. Implementation period: 5–7 days.

Short positions may be opened below 162.50, with the targets of 159.38, 157.81 and stop loss of 165.10.