P&G Target $135

26 cze 2023

Procter & Gamble is in a weekly uptrend but was hitting its „head“ on the 158.00 resistance. After consolidating there it fell through the local higher low, building a new lower low and is currently retracing to that former local low which acts now as a resistance. The stock showed large sell volume on that resistance last friday which suggests we might se another break down to the current support at 135.00.

We have two problems to consider in this trade:

1. The XLP (Index for Consumer Staples, with P&G as its biggest position) is currently more on a support than resistance and might suggest an upward move. That could mean P&G breaks through the 150.00 and is heading higher.

2. The yellow trend line was not broken yet. As a price action trader this is more of a minor problem to me because trend lines are artificial and only an indication for specific price action but should not be mistaken as price action itself.

I therefore suggest to wait what happens today. If we see further downward movement, the trade could be taken. If we remain at the 150.00 resistance without larger sell volumes we should skip this one. Also, do not forget that consumer staples show steady performance during recessions and inflation periods because of the nature of their products. Not a primary concern for technical traders but it should be kept in mind.

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🐻 Trade Idea: Short - PG

🔥 Account Risk: 1.00%

📈 Recommended Product: Knockout / Option

🔍 Entry: +/- 147.00

🐿 DCA: No

😫 Stop-Loss: 155.00

🎯 Take-Profit #1: 135.00 (75%)

🎯 Trail Rest: Yes

🚨🚨🚨 Important: Don’t forget to always wait for strong confirmation once possible entry zone is reached. Trade ideas don’t work all the time no matter how good they look. Do not get a victim of FOMO, there is always another trade idea waiting. 🚨🚨🚨

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6 lip 2023

Anulowano zlecenie

We never saw a daily close below or at our entrance point, and we broke the resistance line. As mentioned, the XLP as the overall indice was bullish and a contra indicator for our trade. This is why we are waiting for clear confirmation. Trade is cancelled.