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PG stock price bounces higher.

The horizontal support level and our pull back target around $138 has been respected so far and price action provides us with bullish signal. The price behavior of the last few sessions suggests that a new upward move has started.

analytics616456d61da71.jpg

Blue lines- bearish divergence

Red line- horizontal support

The bearish divergence signal provided us with a warning for the coming pull back. Our target has been achieved. Price is bouncing off the red horizontal support. Price has resistance at $143.55 and if we see bulls push above this level, then we should expect PG stock price to climb even higher and why not to new higher highs. Rejection at $143.55 should be taken under serious consideration as this could be the start of the formation of a lower high. For now as long as price is above the horizontal support, we remain bullish.

The material has been provided by InstaForex Company - www.instaforex.com