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what the charts say

In our last look at Procter & Gamble Co. (Nov. 3, 2012 - $69.19 U.S.), we reported a major breakout. The company soon rallied to $85.82 for a 24-per-cent appreciation at that time (A). The stock then settled in a trading range mostly between $77 and $85 (dotted lines). The recent rise above this range signals renewed investor interest and the resumption of the long-term up-trend (B). Technical indicators including the 40-week moving average (40wMA) and the rising trend-line (solid line) confirm the positive status. Only a sustained decline below $81-$82 would be negative. Point & Figure measurements provide targets of $99 and $109. Higher targets are visible.

Monica Rizk is the senior technical analyst for Phases & Cycles Inc. (www.phases-cycles.com). Ron Meisels is a contributor to the www.NA-marketletter.com website and Tweets at @Ronsbriefs. They may hold shares in companies profiled. Please see the site for a glossary.

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