themuzzman

PG.... Sad Story but meeting support?

NYSE:PG   PROCTER & GAMBLE COMPANY (THE)

I don't follow this stock and it was a friend of mine who pointed it out to me. There is a massive amount of pain in this stock chart. First off, you had a bad, bad break of the 200 day moving average all the way back on January 23rd. If you were watching the charts, this should have been a pretty good signal that something was up with the stock. You also had above average volume coming in confirming that this move was most likely meaningful. The second warning shot was the death cross that happened on February 8th.


Today's bloodbath on top of the recent months of selling has taken this puppy all the way back to the levels it was at in January 2016. Ouch


If you take this all the way back to 2009 and draw a best fit line, today's prices stopped to meet this trendline support. I would have to hope that the pain is in the past for PG and maybe this is a capitulation "wash out." If it breaks this line.... then "adios amigo." How far it goes, how long it lasts.... nobody knows.
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