A 52 Week High for Procter, will it Hold?

Published on Tuesday, 18 September 2012 12:34 Written by TradersHuddle Wire

New York, September 18th (TradersHuddle.com) - Shares of Procter & Gamble Co. (NYSE:PG) booked a new 52 week high today by trading above $69.25, traders are definitely monitoring Procter's price action to see if this move attracts further buying into the stock.

Procter & Gamble Company (NYSE:PG), a global consumer products company manufactures and markets its products in countries throughout the world. The Company provides products in the laundry, beauty care, food and beverage, and health care segments. Some of P&G famous brands are Gillete, Tide, Head & Shoulders, and Crest. Proctor & Gamble's products are sold primarily through mass merchandisers, grocery stores, membership club stores, and drug stores. The company uses a diversified distribution channel, it was founded in 1837 as a candle company, and its headquartered in Cincinnati, OH.

Procter is currently trading 0.4% versus its previous trading session close, and it has calculated support and resistance at $59.07 and $66.93 respectively. Clearly, with this action this range has been penetrated, and traders will be reviewing price action to establish a new tradable range.

The overall market index S&P 500 is trading flat by 0% from its previous trading close, which means that Procter stock is outperforming the overall market.