Procter & Gamble -- Ignore the News and Focus on the Price Action

Procter & Gamble Co (PG) had positive-looking charts and indicators when we lasted reviewed the consumer goods giant in the middle of June, where we said, "PG might trade sideways for a week or so, but renewed gains are anticipated. Traders could buy strength above $89, risking a close below $86. Add to longs on closes above $91 and $92. Target $110 to $115."

Traders who followed this advice should be long from $89, $91 and $92. With all these buys in the black, or profitable, I would suggest raising your sell-stop protection to a close below $91. With the headlines for PG being dominated lately by Nelson Peltz, I would feel more comfortable then that, if there was a reversal, I would not be caught without some protection....203 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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