Today’s instrument is the Procter & Gamble Co. stock traded in the NYSE exchange under the ticker (PG).
When we look at the PG’s chart, we can see it trading in a channel between the resistance of $160 and support of $157.5. At yesterday’s opening, there was a retraction from the $160 to the $156 breaking the $157.5 support. It was last found trading at $156.75.
Procter & Gamble Co. will announce its quarterly earnings today 19th January. If earning expectations are surpassed, we could expect the price to move upwards, towards the $160 price level.
Today we can expect a move close to the $157.5 closest overhead resistance level and possibly further.
If however, it does not manage to hold on to the current level then a move below the $156 closest support can be expected.
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