PG closes above its opening price after recovering from early selling pressure
Procter & Gamble Company (PG) Technical Analysis Report for Jul 31, 2020 | by Techniquant Editorial Team
PG finished the month 9.66% higher at 131.12 after losing $0.30 (-0.23%) today, underperforming the Dow Indu. (0.44%). Trading up to $0.74 lower after the open, Procter & Gamble managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (PG as at Jul 31, 2020):
Friday's trading range has been $1.93 (1.48%), that's slightly above the last trading month's daily average range of $1.88. Weekly volatility is also higher, being 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. The last time a White Candle showed up on Tuesday, PG gained 0.34% on the following trading day.
With another close above the upper Bollinger Band, prices are confirming their strong upward momentum in the short-term. A drop back into the Bollinger Band on the next trading day although could signal a potential change in momentum that might lead to a correction back down towards the center of the Bollinger Bands at 125.54.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying could speed up should prices move above the nearby swing high at 132.03 where further buy stops might get triggered.
Among the five 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 60.31% with an average market move of 0.30%.