Procter & Gamble Catches Its Breath Before Further Upside

After finding resistance (selling) around $92, Procter & Gamble (PG) looks like it is taking a short-term rest within a longer-term uptrend. Let's dig into the technical levels and indicators to see what needs to happen to maintain that long-term advance of this consumer giant.

In this daily chart of PG, below, we can see a strong uptrend in the past year punctuated by one fourth-quarter correction. Prices turned upward again in January crossing back above the 50-day and 200-day moving averages. A bullish golden cross of these two averages can be seen in mid-February. In January and February there are two gaps to the upside, but volume does not rise significantly. The On-Balance-Volume (OBV) line shows some very bullish movement in late September and early October and then it moves slowly up and down with the price action. In the lower panel is the 12-day momentum study, which is not showing a bullish divergence as prices dipped recently....188 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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