Possible Bearish Inside Day Candle Pattern Detected for Procter & Gamble (NYSE:PG)
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 $87.05 and $87.41 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.
In the past 52 weeks, shares of Procter & Gamble have traded between a low of $65.02 and a high of $87.57 and closed yesterday at $87.31, which is 34% above that low price. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has remained constant.
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. Proctor & Gamble's products are sold primarily through mass merchandisers, grocery stores, membership club stores, drug stores, and neighborhood stores.
Procter & Gamble (NYSE:PG) is currently priced 5.0% above its average consensus analyst price target of $82.94. The stock should discover initial support at its 50-day moving average (MA) of $82.13 and subsequent support at its 200-day MA of $77.57.
SmarTrend recommended that subscribers consider buying shares of Procter & Gamble on June 9th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $82.85. Since that recommendation, shares of Procter & Gamble have risen 5.4%. 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