Close to Key Levels: Procter
Published on Friday, 30 August 2013 09:32 Written by TradersHuddle Wire
New York, August 30th (TradersHuddle.com) - Procter & Gamble Co. (NYSE:PG) closed the trading day at $77.31, near its 50 day and 200 day moving averages set at $79.72 and $76.10 respectively. Procter's price action placed the stock above the 200 day moving average but below its 50 day moving average, a setup that signals a possible break out.
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 seems to be setting up for a tight range between the 200 day moving average as support and the 50 day moving average serving as resistance.
A tiered approach, appears to be the best strategy to maximize possible movements in the stock, as traders could establish a small position in Procter and wait for the stock to break out above its 50 day moving average at $79.72. Then they could add to the position as momentum builds with the breakout. On the flip side, if support being referenced at the 200 day moving average set at $76.10 breaks, it could signal further downside pressure for Procter.
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