Current trend

Shares of The Procter & Gamble Co., one of the leaders of the global consumer goods market, continues to trade within a wide ascending channel: quotes have fallen to its lower boundary near the reversal level of 143.75 (Murray level [2/8]) and have been growing along it for the third month.

Currently, the price has moved into the positive part of the Murray trading range and is actively testing the mark of 156.25 (Murray level [6/8]), consolidation above which will allow further growth to the levels of 159.38 (Murray level [7/8]) and 162.50 (Murray level [8/8]). With a breakdown of the level of 153.12 (Murray level [5/8]), supported by the middle line of the Bollinger Bands, a further decline to the levels of 150.00 (Murray level [4/8]) and 146.88 (Murray level [3/8]) is likely.

Technical indicators confirm the continuation of the upward trend: the Bollinger Bands and the Stochastic are directed upwards, the MACD histogram increases in the positive zone.      

Support and resistance

Resistance levels: 156.25, 159.38, 162.50.

Support levels: 153.12, 150.00, 146.88.

Trading tips

Long positions can be opened above 156.25 with targets at 159.38, 162.50 and stop-loss at around 154.20. Implementation period: 5-7 days.

Short positions may be opened below 153.12 with targets at 150.00, 146.88 and stop-loss in the area of 155.10.