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

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Procter & Gamble (NYSE:PG) based on the price action in the company's shares. Yesterday's price range of $124.09 and $124.64 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. Traders and investors interested in shares of Procter & Gamble may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

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.

In the past 52 weeks, shares of Procter & Gamble have traded between a low of $86.74 and a high of $126.35 and closed yesterday at $124.34, which is 43% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 0.5% while the 50-day MA has advanced 0.2%.

Procter & Gamble (NYSE:PG) is currently priced 34.1% above its average consensus analyst price target of $81.97. The stock should find initial support at its 50-day moving average (MA) of $121.96 and further support at its 200-day MA of $114.30.

SmarTrend is tracking the current trend status for Procter & Gamble and will alert subscribers who have PG in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle Procter & Gamble

Ticker(s): PG