Procter & Gamble (P&G) Stock Price Looks Bullish on 9 November Despite Negative market Sentiments

Procter & Gamble Corporation (PG) share price opened in green and the price seems to be higher by 0.75% in the live trading session.
Price action reaches higher-highs after reversing from the $130 support level.
In the November 8 letter, the P&G stock price noted a long-legged Doji candle on the daily price chart.

Global market weakness is mentioned in the November 9 letter. As a result, Wall Street’s major indexes managed to open pretty low on Wednesday as investors awaited the results of a hard-fought midterm election, hoping for a separated Congress that would make it more difficult to pass drastic changes in policy.

In Thursday’s live market session, the S&P 500, Dow Jones, and Nasdaq are all in the red. Despite this, the NYSE:PG stock is doing well today. P&G’s current price is $137.7, representing a 0.75% gain so far. Buyers are keeping an eye out for rising price trends.

Although the price structure is looking strong compared to other share prices and price action draws higher-highs after reversing from $130 support level. Bulls follow buying on dip strategies amid trading sessions. As a result, this price rally came out with a 12.7% gain in the past five weeks. Despite a bullish rally, NYSE: PG stock price fluctuated under a falling parallel channel.

In terms of the daily price scale, Procter & Gamble corporation (PG) stock price stays above the red moving lines of the EMA ribbon indicator and bulls are aiming to hit the 200 EMA line. The $122 level has a key support for buyers, on the other hand, bears sit at the $150 level to dominate asset value.

RSI found support at the semi-line and rebounded towards the overbought zone on daily price scale. In addition, MACD continuously expands higher.

Conclusion

After seeing today’s market behavior, the Procter & Gamble corporation (PG) stock price is performing well. In this bullish rally, buyers aim to overcome selling pressure by breaching this falling parallel channel.

Support level – $7.0 and $5.5

Resistance level – $8.0 and $10

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