PG formed a rising wedge. After a double top formation when also RSI divergence came in (yellow line on RSI chart), PG's downtrend began.
PG has broken out of lower trend line of the rising wedge, which will now act as resistance.
PG has gone down for six straight days. During downtrend, stocks usually fall for an average of five straight days. There is a region of consolidation around 145-46 region (green rectangle). PG may, therefore, bounce from this region. However, it will resistance at 151-152 from the lower trend line of the rising wedge and the resistance consolidation zone (red rectangle).
After hitting 151-152, PG should come down again.
PG has gone below 200 SMA.
PG has broken out of lower trend line of the rising wedge, which will now act as resistance.
PG has gone down for six straight days. During downtrend, stocks usually fall for an average of five straight days. There is a region of consolidation around 145-46 region (green rectangle). PG may, therefore, bounce from this region. However, it will resistance at 151-152 from the lower trend line of the rising wedge and the resistance consolidation zone (red rectangle).
After hitting 151-152, PG should come down again.
PG has gone below 200 SMA.