Current trend

Shares of The Procter & Gamble Co., one of the leaders in the consumer goods market, is trading within the long-term ascending channel: currently, the price has consolidated in the upper reversal zone and, with a breakout of 171.88 (Murrey level [ 2/8]), it may continue rising to the level of 175.00 (Murrey level [4/8], W1). The key for the "bears" is the upper limit of the trading range in the area of 168.75 (Murrey level [8/8]), supported by the central line of Bollinger Bands; after re-consolidation below it, the decline will resume to the targets of 165.62 (Murrey level [6/8]) and 164.06 (Murrey level [5/8], the lower limit of the ascending channel).

Technical indicators confirm the continuation of the uptrend: Bollinger Bands are reversing up, MACD is stable in the positive zone, and Stochastic is reversing down, which does not exclude a corrective decline, but its potential is seen to be limited.

Support and resistance

Resistance levels: 171.88, 175.00.

Support levels: 168.75, 165.62, 164.06.

Trading tips

Long positions can be opened above 171.88 with a target of 175.00 and a stop-loss around 179.80. Implementation period: 5–7 days.

Short positions should be opened below the level of 168.75 with targets of 165.62, 164.06 and a stop-loss in the area of 170.90.