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Possible Bearish Inside Day Candle Pattern Detected for Procter & Gamble (NYSE:PG)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Procter & Gamble (NYSE:PG) based on the price action in the company's shares. Yesterday's price range of $121.50 and $122.58 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Procter & Gamble may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

The Procter & Gamble Company manufactures and markets consumer products in countries throughout the world. The Company provides products in the laundry and cleaning, paper, beauty care, food and beverage, and health care segments. Procter & Gamble products are sold primarily through mass merchandisers, grocery stores, membership club stores, drug stores, and neighborhood stores.

Procter & Gamble (NYSE:PG) is currently priced 32.9% above its average consensus analyst price target of $81.97. Procter & Gamble shares have support at the 50-day moving average (MA) of $117.54 and additional support at the 200-day MA of $104.99.

In the past 52 weeks, Procter & Gamble share prices have been bracketed by a low of $78.49 and a high of $123.43 and closed yesterday at $122.12, 56% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.9% while the 200-day MA has risen 0.7%.

SmarTrend recommended that subscribers consider buying shares of Procter & Gamble on January 23rd, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $95.02. Since that recommendation, shares of Procter & Gamble have risen 28.5%. We continue to monitor PG for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle Procter & Gamble

Ticker(s): PG