Procter and Gamble remains inside a short term downward trend that is most probably corrective is pushing prices near the low 80’s where the 50% Fibonacci retracement from the last upward move is. Prices have support near 80.20$ and 78.92$. Breaking below these two levels the price pattern has very bad implications and gives us much lower targets that could put the mid 75s support in danger.
The daily chart shows us how prices are reaching the 50% Fibonacci retracement and putting the support levels to the test. Ichimoku cloud support is being defended. However trend is down with lower lows and lower highs price patterns all over. The bullish scenario anticipates prices to make a bottom near 80-79$ price range and turn upwards after that.
The short term chart above shows the price levels that need to break upwards in order for a buy signal to be given. Prices will need to break above 82,50$ for us to change our short term view to bullish. Risk lovers however could try and open long positions between the 50% and 61,8% retracements. The bearish scenario however takes into account the reversed U formation shown above. The bearish scenario will strengthen as prices break support levels mentioned above and have 75$ as first target. For more help trading US stocks become a subscriber today.
As always, thank you for taking the time to read my new post.