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The Procter & Gamble Co., Technical Analysis

9/6/2022 12:48 PM

Shares of The Procter & Gamble Co., one of the leaders in the global consumer goods market, are in a corrective trend at 137.00.

On the daily chart, the trading instrument interrupted the implementation of the global Head and shoulders pattern and consolidated below the Neck line at 140.00. Judging by the fact that the current price is already significantly below the level, the pattern is canceled.

On the four-hour chart, it is seen that within the current downward impulse, the quotes have broken the July minimum of 138.00 and went further downwards. Since the decline is the main trend in the asset, the immediate target is the initial trend of 61.8% of the Fibonacci extension, around 130.00.

Technical indicators turned to sell: fast EMAs on the Alligator indicator crossed the signal line downwards, and the AO oscillator histogram formes downward bars below the transition level.

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