PG closes higher for the 4th day in a row
Procter & Gamble Company (PG) Technical Analysis Report for Apr 16, 2019 | by Techniquant Editorial Team
Moving higher for the 4th day in a row, PG finished Tuesday at 106.42 gaining $0.69 (0.65%), slightly outperforming the Dow Indu. (0.26%). Today's close at 106.42 marks the highest recorded closing price ever. Trading up to $0.33 lower after the open, the stock managed to reverse during the session as bulls took control ending the day above its opening price. The last time this happened on April 12th, PG gained 0.64% on the following trading day. Ending with a strong close near the high of the day sets a bullish note for the next session.
Daily Candlestick Chart (PG as at Apr 16, 2019):
Tuesday's trading range has been $0.85 (0.8%), that's slightly below the last trading month's daily average range of $1.13. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for PG.
One bullish candlestick pattern matches today's price action, the White Candle.
Crossing above the upper Bollinger Band for the first time since March 15th, prices have shown unusually strong upward momentum in the short-term. This might either indicate a potential buying climax after which prices could head back down towards the mean of the Bollinger Bands at 103.79 or signal the beginning of a strong momentum breakout leading to even higher prices.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Bullish Intraday Reversal" stand out. Its common bullish interpretation has been confirmed for Procter & Gamble. Out of 462 times, PG closed higher 49.78% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 58.44% with an average market move of 0.26%.