Trading Idea: Is Procter close to Support?

Published on Friday, 29 June 2012 08:36 Written by TradersHuddle Wire

New York, June 29th (TradersHuddle.com) - Shares of Procter & Gamble Co. (NYSE:PG) are trading very close to calculated support at $59.07 with price action closing at just $60.29 and placing the stock near levels where traders will start paying attention.

Procter's stock range is defined by its calculated support defined at $59.07 and by the resistance level at $67.77, which should be used by traders planning their trades. These support and resistance levels are based on a peaks and troughs algorithm of the stock's price action.

Traders wanting to establish a position should pay close attention to Procter's price action, and establish it as close to support as possible, but only after buying materializes. Traders should understand that the resistance point at $67.77 might limit their upside, however, if the stock breaks resistance, it could be a good point to add to the position.

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.