Procter & Gamble Could Be Struggling
Procter & Gamble (PG) 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.
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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.
TradeStation has, for decades, advanced the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
Important Information
TradeStation Securities, Inc., TradeStation Crypto, Inc., and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., all operating, and providing products and services, under the TradeStation brand and trademark. You Can Trade, Inc. is also a wholly owned subsidiary of TradeStation Group, Inc., operating under its own brand and trademarks. TradeStation Crypto, Inc. offers to self-directed investors and traders cryptocurrency brokerage services. It is neither licensed with the SEC or the CFTC nor is it a Member of NFA. When applying for, or purchasing, accounts, subscriptions, products, and services, it is important that you know which company you will be dealing with. Please click here for further important information explaining what this means.
This content is for informational and educational purposes only. This is not a recommendation regarding any investment or investment strategy. Any opinions expressed herein are those of the author and do not represent the views or opinions of TradeStation or any of its affiliates.
Investing involves risks. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures, or digital assets); therefore, you should not invest or risk money that you cannot afford to lose. Before trading any asset class, first read the relevant risk disclosure statements on the Important Documents page, found here: https://www.tradestation.com/important-information.
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