In a knee-jerk surge, Procter & Gamble
broke out of the price band of an accelerating rising trend, as part of which it has been exiting the old broad band since March 2009
. Upside targets are currently seen within the boundaries of a band which runs parallel to the previous one. The first upside target is the medium line of the band, USD 100. This target could be reached quite quickly, within a couple of weeks. The longer-term upside target is at the boundary of the band, USD 112. This target could be reached during the first quarter of 2015. At present, the stock is retracing to the local
breakout level, which was reached after the stock left the accelerated band, so it makes sense to buy into the name at USD 90 with upside to the above-mentioned levels.
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