Tuesday, June 18, 2019 12:14:34 PM
Procter & Gamble Co (NYSE:PG) is a leading consumer goods company that has been surging higher in 2019. Traders should note, PG stock bottomed in May 2018 at $70.73 a share. Since that low pivot, the stock has rallied as high as $111.75 a share made on June 14, 2019. Today, leading consumer goods stocks such as PG, KMB, SJM, CLX and others are declining lower on the session. It seems that traders and investors are selling the consumer goods stocks today on expectations of a lot of central bank stimulus and possible renewed negotiations between the U.S. and China. You see, the consumer goods stocks have been viewed as the safe haven trade with a lot of market uncertainty brewing since last year. This afternoon, PG stock is trading lower by $1.20 to $109.79 a share. Traders can watch the $104.00 area as very solid daily chart support. This is where the stock was defended on June 3, 2019 before making new all time highs. Should this level be retested it should be very solid support for another long side trade opportunity.
Nicholas Santiago
InTheMoneyStocks
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