PG closes above its opening price after recovering from early selling pressure
Procter & Gamble Company (PG) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, PG ended the week 0.05% higher at 126.14 after gaining $1.18 (0.94%) today, strongly outperforming the Dow Indu. (-0.09%) ahead of tomorrow's Presidents' Day market holiday. Trading up to $0.50 lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. 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 Feb 14, 2020):
Friday's trading range has been $1.36 (1.09%), that's slightly below the last trading month's daily average range of $1.61. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for PG.
One bullish candlestick pattern matches today's price action, the White Candle.
Procter & Gamble managed to close back above the 20-day moving average at 125.60. When this moving average was crossed above the last time on February 3rd, PG gained 0.44% on the following trading day. Prices are trading close to the key technical resistance level at 126.68 (R1).
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the seven 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 451 times, PG closed higher 49.89% 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 59.65% with an average market move of 0.26%.