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. At the beginning of the month, the price tested the central mark of the Murrey trading range at 162.50 (Murrey level [4/8]) but could not consolidate above it and resumed growth.

Currently, the quotes have risen above the middle line of Bollinger bands but to continue the upward dynamics, they need to consolidate above of 168.75 (Murrey level [8/8]). Then they may reach 171.88 (Murrey level [ 2/8]). A breakdown of 162.50 will allow the asset to decline to the area of ​​159.38 (Murrey level [2/8]) and 157.81 (Murrey level [1/8]), and an exit from the ascending channel is not excluded.

Technical indicators allow a decline: Bollinger Bands and Stochastic are reversing downwards, and the MACD histogram is near the zero line, keeping insignificant volumes.

Support and resistance

Resistance levels: 168.75, 171.88.

Support levels: 162.50, 159.38, 157.81.

Trading tips

Short positions may be opened below the 162.50 level, with the targets at 159.38, 157.81 and stop loss 165.10. Implementation period: 5–7 days.

Long positions may be opened above 168.75, with the target at 171.88 and stop loss 166.60.