The question on everyone's mind: Will PROCTER & GAMBLE CO/THE breakout?

Our stock screener has detected a potential breakout setup on PROCTER & GAMBLE CO/THE (NYSE:PG). This breakout pattern is observed when a stock consolidates following a strong upward movement. It's important to note that this pattern is based on technical analysis, and the actual breakout outcome is uncertain. However, it might be worth keeping an eye on NYSE:PG.

Zooming in on the technicals.

Every day, ChartMill assigns a Technical Rating to each stock, providing a score ranging from 0 to 10. This rating is determined by evaluating various technical indicators and properties.

We assign a technical rating of 7 out of 10 to PG. This is due to a decent performance in both the short and medium term time frames. Compared to the overall market, PG is only an average performer.

• The long and short term trends are both positive. This is looking good!
• PG is currently trading near its 52 week high, which is a good sign. The S&P500 Index is trading in the upper part of its 52 week range, but not near new highs, so PG is leading the market.
• In the last month PG has a been trading in the 158.04 - 170.92 range, which is quite wide. It is currently trading near the high of this range.
• Prices have been consolidating recently, this may present a good entry opportunity.
• When comparing the performance of all stocks over the past year, PG turns out to be only a medium performer in the overall market: it outperformed 61% of all stocks.
• PG is part of the Household Products industry. There are 12 other stocks in this industry, PG did better than 63% of them.
• Volume is considerably higher in the last couple of days.

For an up to date full technical analysis you can check the technical report of PG

How does the Setup look for NYSE:PG

Besides the Technical Rating, ChartMill assigns a Setup Rating to every stock to determine the degree of consolidation. This rating, ranging from 0 to 10, is updated daily and evaluates various short-term technical indicators. NYSE:PG currently holds a 8 as its setup rating, suggesting a particular level of consolidation in the stock.

Besides having an excellent technical rating, PG also presents a decent setup pattern. Prices have been consolidating lately and the volatility has been reduced. There is a resistance zone just above the current price starting at 168.47. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 166.98, a Stop Loss order could be placed below this zone.

Trading breakout setups.

A breakout could materialize when the stock breaks out to new highs above the current consolidation zone. One could wait for this to happen and buy when this happens. A stop loss could be placed below the consolidation zone.

Of course, there are many ways to trade or not trade NYSE:PG and this article should in no way be interpreted as trading advice. The article is purely based on an automated technical analysis and just points out the technical observations. Always make your own analysis and trade at your own responsibility.

Every day, new breakout setups can be found on ChartMill in our Breakout screener.

Disclaimer

This article should in no way be interpreted as advice. The article is based on the observed metrics at the time of writing, but you should always make your own analysis and trade or invest at your own responsibility.