One of the leading consumer goods stocks is Procter & Gamble Co (PG). Last year, the stock was a major winner topping out in early November at $146.92 a share. Since that pivot high, the shares have declined to the $130.00 area. Today, the shares are being defended around the 200-day moving average. A daily chart close below this key moving average will likely signal a further decline for the stock.
The next major support level for Procter & Gamble co (PG) stock will be around the $121.00 area. This is where the stock will have a major retrace level from the March 2020 lows to the November 2020 top. It is also an area where the stock broke out in July 2020 from a 3-month sideways consolidation base. When stock backtests a former breakout area they will usually be defended by the institutional crowd. This should be the case for Procter & Gamble Co (PG) stock.
Get EVERY trade Nick is taking with his members right here…
Get all of Nick’s OPTIONS Swing Trades here <<>> Get all of Nick’s STOCK Swing Trades here