Procter & Gamble Leads Consumer Goods Lower
InTheMoneyStocks.com | Jun 18, 2019 02:17PM ET
Consumer goods giant Procter & Gamble (NYSE:PG) has been surging higher in 2019. The stock bottomed in May 2018 at $70.73 a share. Since that low pivot, PG rallied as high as $111.75 a share made on June 14, 2019. Tuesday's consumer goods stocks such as PG, KMB, SJM, CLX and others declined on the session. It seems that traders and investors are selling the consumer goods stocks on expectations of central-bank stimulus and possible renewed negotiations between the U.S. and China.h3 Support Watch/h3
Consumer-goods stocks have been viewed as the safe-haven trade with a lot of market uncertainty brewing since last year. On Tuesday, PG was trading lower by $1.20 to $109.79 a share. Traders can watch the $104.00 area as very solid daily chart support. This is where the stock was defended on June 3, 2019 before making new all-time highs. If this level is retested, it should be very solid support for another long-side trade opportunity.
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