PG closes higher for the 2nd day in a row
Procter & Gamble Company (PG) Technical Analysis Report for Aug 10, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, PG ended Monday at 134.10 gaining $0.55 (0.41%), underperforming the Dow Indu. (1.3%). Today's close at 134.10 marks the highest recorded closing price ever. Trading up to $0.52 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 August 7th, PG gained 0.41% on the following trading day. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (PG as at Aug 10, 2020):
Monday's trading range has been $1.26 (0.94%), that's below the last trading month's daily average range of $1.80. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for PG.
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 134.65 where further buy stops might get triggered. Selling could accelerate should prices move below the close-by swing low at 132.12 where further sell stops might get activated.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing Low" stand out. Although it is usually interpreted as neutral, it has actually shown to be bullish for Procter & Gamble. Out of 692 times, PG closed higher 52.31% 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 59.25% with an average market move of 0.45%.