Is Procter Breaking Down?
Published on Tuesday, 05 June 2012 07:56 Written by TradersHuddle Wire
New York, June 5th (TradersHuddle.com) - Shares of Procter & Gamble Co. (NYSE:PG) closed the trading session at $61.40 below calculated support at $63.29. The stock broke down technically, raising concerns as the move might trigger additional selling.
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's stock was trading in a well defined range with support at $63.29 and resistance at $67.77; given that this range was broken traders will be closely monitoring the stock's price action for clues of direction.
From a technical perspective, it can be expected that previous support becomes resistance, as the new range gets defined. However, $63.29 will remain in focus as Procter's price action places the stock near the broken support. Traders will be waiting to see if it can bounce back and return to its previous range.
Traders wanting to establish a short position in Procter can do so if the stock breaks the intraday low, or if the stock bounces back and selling materializes again at previous support of $63.29. However, if traders want to build a long position, the best entry point to do so is when the price action takes the stock back to calculated support.
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