As expected by our previous analysis, PG stock price has pulled back towards our target of $138.90. Price has back tested this horizontal support area and is now bouncing higher. As long as price holds above the recent lows, PG stock price should continue higher.
Blue lines - bearish divergence
Red line - horizontal support
PG stock price is bouncing higher after testing the horizontal support. So far price respects the support and if this continues to hold, we should see price move higher towards $141.50. This is now our first bounce target area and first resistance.