The technical picture of the Procter & Gamble Co stock (NYSE: PG) on our daily chart shows that the share price, after reversing higher in the beginning of March, keeps forming higher lows. That said, the stock is still struggling to overcome its resistance area between the 138.58 and 139.07 levels, which mark the highest point of April and the current highest point of May. In order to shift our attention to some higher areas, a break above that resistance zone is required.
A strong push above the 139.07 barrier would confirm a forthcoming higher high, potentially opening the door towards the highest point of January, at 141.03, which is also the current highest point of this year. We may see a slight hold-up near that hurdle, or even a correction back down. However, if the stock continues to trade above the aforementioned upside line, new buyers might take advantage of the lower price and push it higher again. If this time PG is able to rise beyond the 141.03 obstacle, the next possible target could be at 144.47, marked by the high of November 13th.
Although the RSI is slightly on the flat side, the indicator remains above 50. The MACD looks a bit more positive, as it continues to run above zero and its trigger line, while pointing higher. The two oscillators still show positive price momentum, which comes in-line with the scenario discussed above.
Alternatively, if the aforementioned upside line breaks and the price drops below the low of May 13th, at 135.37, this could spook new buyers from the arena for a while. PG may slide to the 133.44 obstacle, a break of which may open the path towards the 130.28 level. That level marks the lowest point of April.
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