The technical picture of the Procter & Gamble stock (NYSE: PG) on our daily chart shows that last week, the buyers managed to push the share price beyond the 139.07 barrier, which is the highest point of May. Such a move confirmed a forthcoming higher high, which might attract more buying interest. Also, the stock continues to trade above a medium-term tentative upside support line taken from the low of March 4th. Even if PG retraces lower at some point, as long as it remains somewhere above that upside line, we will continue aiming higher.
A further push north could bring the stock closer to the 141.03 zone, which is the current highest point of this year, reached in January. PG might stall there for a bit, or even correct back down slightly. However, if the share price remains somewhere above the aforementioned upside line, another upmove could be possible. If this time the stock is able to overcome the 141.03 obstacle, this would confirm a forthcoming higher high, possibly setting the stage for a test of the 144.48 level. That level marks the high of November 13th, 2020.
The RSI and the MACD are both pointing higher. In addition to that, the RSI remains well above 50 and the MACD continues to run above zero and its trigger line. The two oscillators show increasing upside speed of the price, which is in line with scenario discussed above.
Alternatively, if the stock breaks the previously mentioned upside line and then falls below the 133.80 hurdle, marked by the low of June 29th, that could scare off new buyers for a while. PG might travel to the 132.10 obstacle, marked by the lowest point of June, which may halt the fall for a while. That said, if there are still no new buyers around that price, the stock could slide even further, potentially aiming for the 130.30 level, marked by the lowest point of April.
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