Procter & Gamble Update
Gary S. Morrow | Jul 16, 2021 12:45PM ET
Procter & Gamble (NYSE:PG) is setting up well for a fresh rally leg. The stock has been trading in a narrow range since the beginning of April. This morning, PG was trading above the top of this consolidation and is heading for its best weekly close of 2021. It will be telling if the stock can maintain this divergent strength through the remainder of the day.
PG has solid support underneath. The 50-day moving average is crossing above the 200-day moving average. Daily MACD is working on a bull cross this month and is far from overbought. We expect more upside in the near term. A retest of the 2020 peak ($146) is well within reach. On the downside, a close back below $134.00 area would be a clear warning sign that more sideways action is ahead.
Earnings due July 30.
Note: We are long PG in some managed accounts.
You can read Gary S. Morrow's original post here .
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