Procter & Gamble (PG) is scheduled to release their latest quarterly numbers on Tuesday. We have not reviewed the charts of PG since way back on October 21, 2020 when we recommended "Continue to hold longs from previous recommendations. Raise stop protection to a close below $135. The $180 area is our next price objective."
Let's see how the charts and indicators look today.
In this daily bar chart of PG, below, we can see that prices declined into an early March low and then turned higher. Prices made new highs into September followed by a pullback into early October. Currently prices are back above the rising 50-day moving average line and the slightly rising 200-day line.
The On-Balance-Volume (OBV) line turned bullish in late June and is still pointed up. The Moving Average Convergence Divergence (MACD) oscillator is ready to cross the zero line from below.
In this weekly Japanese candlestick chart of PG, below, we can see a large rising triangle pattern with roughly equal highs around $145 and higher lows from the $120-$125 area. Prices are trading above the rising 40-week moving average line.
The weekly OBV line shows strength from June. The MACD oscillator is above the zero line but close to a new buy signal.
In this daily Point and Figure chart of PG, below, we can see an upside price target of $155.
In this weekly close only Point and Figure chart of PG, below, we can see a $162 price objective.
Bottom line strategy: Aggressive traders could probe the long side of PG ahead of earnings tomorrow but they need to risk to $136. More cautious traders could go long PG on strength above $148. Our target is the $155 to $162 area for now.
