Procter & Gamble (P&G) stock price looks bullish on November 9 despite negative market sentiment
- Procter & Gamble Corporation (PG) stock price opened green and the price appears to be 0.75% higher in the live trading session.
- The price action is reaching higher highs after reversing from the $130 support level.
- In the November 8 letter, P&G stock price noted a long-legged Doji candle on the daily price chart.
The weakness of the global market is mentioned in the November 9 letter. As a result, major Wall Street indexes managed to open fairly low on Wednesday as investors awaited the results of a hard-fought midterm election, hoping for a separate Congress that would make it harder to pass drastic policy changes. .
In Thursday’s live market session, the S&P 500, Dow Jones and Nasdaq are all in the red. Despite this, NYSE:PG stock is doing well today. P&G’s current price is $137.7, representing a 0.75% gain so far. Buyers are keeping an eye on rising price trends.
Although the price structure looks solid against other stock prices and the price action is pulling higher highs after reversing from the $130 support level. Bulls follow buy-down strategies in the middle of trading sessions. As a result, this price rally has resulted in a 12.7% gain over the past five weeks. Despite a bullish rally, NYSE:PG stock price fluctuated below a bearish parallel channel.
In terms of the daily price range, the Procter & Gamble Corporation (PG) stock price remains above the red moving lines of the EMA ribbon indicator and the bulls aim to reach the 200 EMA line. The $122 level has a key support for the buyers, on the other hand, the bears lie at the $150 level to dominate the asset value.
The RSI found support at the half line and bounced towards the overbought zone on the daily price scale. Moreover, MACD is continuously increasing.
After seeing today’s market behavior, Procter & Gamble Corporation (PG) stock price is doing well. In this bullish rally, the buyers aim to overcome the selling pressure by breaking this falling parallel channel.
Support level – $7.0 and $5.5
Resistance level – $8.0 and $10
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