Stock of the Day: Procter & Gamble

Today’s stock spotlight is on Procter & Gamble (PG), where a potentially bullish setup is taking shape after a classic false breakout scenario.

The chart shows a blue horizontal support level that had been holding for several weeks. Recently, price dipped below this level — appearing to break down — but the move quickly reversed. That failed bearish move, marked with a yellow rectangle, signals a false breakout and often leads to strong buying pressure as trapped sellers exit.

Adding strength to the setup, price has now also broken above a red downtrend line, which had been serving as dynamic resistance. With PG now trading above both the horizontal support and the trendline, the bullish case gains momentum.

• The false breakout below key support suggests downside exhaustion and renewed control by buyers.

• A break above the red downtrend line confirms the shift in sentiment and gives us a clean technical buy signal.

As long as price holds above these two key levels, the outlook remains bullish.

Source: https://www.axiory.com/analytics/stock-of-the-day/stock-of-the-day-procter-gamble-2