r3anand

short P&G in the supply zone

Short
NYSE:PG   PROCTER & GAMBLE CO
Here's the trade setup

1. PG is in a supply zone denoted in the red colour
2. Earnings is in a couple days which makes for an easy catalyst to turn this around from all time highs
3. There's a triangle pattern formed over past 4 months (see attached link) and these tend to have aggressive breaks
4. I am bearish the general market so that should further support a bearish move
5. Since brokerages are raising price targets in a supply zone , I would like to take a contra call

Strategy: bought october month puts @ 125 strike price for a target in the yellow zone. But, one can always be a little more greedy and wait for the move all the way down to the demand zone (green)

Comments

PG earnings are out, Good Analysis bought 135 Calls for 2022 at ok premium, Plan to hold it till next few months while look forward to run upto 140 in short term.
+1 Reply
r3anand vishalniit
@vishalniit move to 140 is quite possible now that it’s broken to new all time highs. I have closed my position.
Reply
Thanks for chart. Note that 1 August to December is seasonal strong period for P&G.Bullish above $ 132.20 and Bearish below $126.00.
+1 Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Referred friends Coins My Support Tickets Help Center Private Messages Chat Sign Out