Procter & Gamble Co. (PG) continues to hold its recent gains and upside price gap. With the broad market under considerable selling pressure today let's look closer at the charts and indicators of PG to see if it can go it alone, so to speak.
In this daily bar chart of PG, below, we can see that prices are above the now rising 50-day moving average line and the still declining 200-day line. A bullish golden cross of the 50-day and 200-day averages can be seen in early September, well off the early May low.
The daily On-Balance-Volume (OBV) line has been rising since late May and tells me that buyers of PG have been acting in the marketplace more aggressively with heavier volume being traded on days when PG has closed higher on the day.
The trend-following Moving Average Convergence Divergence (MACD) oscillator has turned up with a cover shorts buy signal.
In this weekly bar chart of PG, below, we have some different signals than the daily chart. We can see that prices are above the declining 40-week moving average line but I can also see that there looks to be considerable chart resistance from $90 to $95. Prices failed/stalled for several months in that area so that is why I consider it "considerable chart resistance."
The weekly OBV line has not moved up in the past four months to confirm the price gains, but the MACD oscillator is bullish and pointed up at this time.
In this Point and Figure chart of PG, below, we can see the chart resistance differently. The chart's program is projecting an upside price target of $105.20.
Bottom line strategy: PG is pointed up but it could struggle because of overhead resistance and weakness in the broad market. If you approach the long side use a sell stop below $82 for now.