Current trend

Shares of The Procter & Gamble Co., one of the leaders in the consumer goods market, declined for the second month in a row: during this time, the price turned around 178.12 (Murrey level [ 2/8]) moved into the negative part of the main Murrey trading range, left the long-term ascending channel and is now close to 165.62 (Murrey level [2/8]), consolidation below which it will open the opportunity to intensify the downward dynamics towards the targets of 162.50 (Murrey level [0/8]) and 159.38 (Murrey level [-2/8]). The key for the "bulls" is the level of 170.31 (Murrey level [5/8]), supported by the central line of Bollinger Bands, consolidation above which will ensure the return of quotes to the levels of 173.44 (Murrey level [7/8], the upper line of Bollinger Bands), 175.00 (Murrey level [8/8]), but so far this scenario seems less likely.

Technical indicators confirm the formation of a new downtrend: Bollinger Bands are pointing downwards, MACD is increasing in the negative zone, and Stochastic is horizontal near the oversold zone.

Support and resistance

Resistance levels: 170.31, 173.44, 175.00.

Support levels: 165.62, 162.50, 159.38

Trading tips

Short positions should be opened below the 165.62 mark with targets of 162.50, 159.38 and a stop-loss around 168.00. Implementation period: 5–7 days.

Long positions can be opened above the level of 170.31 with targets of 173.44, 175.00 and a stop-loss around 168.35.