Procter and Gamble analysis

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December 27, 2013
S&P short term analysis
January 13, 2014

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.

pgd

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.

pg2h

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.

Alexandros Yfantis
Alexandros Yfantis
Fascinated by financial markets, studied International Securities Investment and Banking in the UK, works as a Portfolio Manager in Greece and runs a technical analysis website. Enjoys travelling and spending time with his family and preparing for the black belt in Korean Karate.