Current trend

Shares of The Procter & Gamble Co., one of the leaders in the consumer goods market, has been growing within the medium-term uptrend since the end of last year: during this time, quotes reversed around 143.75 (Murrey level [-2/8]), returned to the main Murrey trading range and reached its central level of 162.50 (Murrey level [4/8]).

Nevertheless, the price failed to break above, and at the beginning of this month it rolled back to the reversal level of 156.25 (Murrey level [2/8]). Consolidating below it will allow the trading instrument to develop a decline towards the targets of 153.12 (Murrey level [1/8]) and 150.00 (Murrey level [0/8]). The key for the "bulls" is the level of 159.38 (Murrey level [3/8]), supported by the central line of Bollinger Bands, the breakout of which upwards will ensure the resumption of growth to 162.50 (Murrey level [4/8]), 165.62 (Murrey level [5/8]) and 168.75 (Murrey level [6/8]).

Technical indicators signal the formation of a short-term downtrend: Bollinger Bands are reversing down, MACD is moving into a negative zone, but Stochastic is reversing into the oversold zone, which does not exclude the possibility of resuming growth.

Support and resistance

Resistance levels: 159.38, 162.50, 165.62, 168.75.

Support levels: 156.25, 153.12, 150.00.

Trading tips

Short positions should be opened below the level of 156.25 with targets of 153.12, 150.00 and stop-loss around 158.50. Implementation period: 5–7 days.

Long positions can be opened above the 159.38 mark with targets of 162.50, 165.62, 168.75 and stop-loss around 157.45.