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Background Info

Procter & Gamble Company (PG) is a multinational conglomerate in consumer goods. Its businesses span several segments including personal hygiene and care, beauty, healthcare, fabric and home care, and others. It is very successful in branding its products across many countries.
 

Sector

PG is listed on NYSE and is a component of DJI and S&P 500 under Consumer Staples.

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PG ended the year 2021 strong reaching above $160 on 29 Dec 2021. The price subsequently retraced back to $140 on 11 March. Another rally followed to breath above $160 on 21 April. However, the price did a Wyckoff upthrust and slid down.

On 18 May, the big spread bar signifies a Wyckoff change of character that the up trend is taking a pause. The low volume suggests a lack of supply. There was a small rally but was followed by another leg of a sign of weakness (SOW) move to reach $127 on 15 June. At this point, the range from Dec 2021 to May 2022 resembled distribution. The price then did an automatic rally to around $145 with a localized increase in volume. However, the price was unable to commit above $145 on several occasions.

In September, the low volume suggests a lack of demand, and the price fell to test the low. In fact, it broke the previous low to reach $121 on 10 Oct.

In a Wyckoff spring-like manner, PG price started a sign of strength (SOS) rally. It was the best rally since mid-June 2022. The price broke above $145 on 23 Nov and was able to stay committed. 
 

Bias

Slightly bullish. Short-term wise, according to the Wyckoff trading method, PG price may do a Wyckoff backup (BU) to retest $145 before charging ahead to the next resistance at $161. There is no sign of threatening supply.

If the price retraces and breaks below $145, it will likely range between $127 and $145.

The bullish trend in PG suggests a market rotation from growth stocks to value stocks.

Recent volatility in the market makes it hard to find winning stocks. In spite of that, there are techniques that the Wyckoff method could help pick these winning stocks. 

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