A few weeks ago, I posted a technical chart summarizing Procter & Gamble stock performance (PG). Generally, it was noted that P&G had broke through a pretty strong resistance line of ~$67 which was its peak (repeatedly) from Mar thru May.
On some mildly positive news (but not very strong), it rallied all the way from a low of $58.5 to a hair's breadth of $70, a nice bounce of 20%. However, such a strong and fast move really spoke more that P&G had been undervalued and shouldn't have dropped that much rather than that a miraculous turnaround had occurred, in my opinion. While P&G is having growth issues and has several soft points, by far its still a solid business with steady earnings and revenue.
However, I pointed out in my post that P&G's rally was getting a bit long and while not reversing, it definitely was worth keeping an eye on for signs of a potential top. Which brings us to today's chart.
From the trend line there was likely a strong resistance for P&G stock at ~$70 and so far, it has consistently challenged but failed to break through several times. It is still very close to its highs but several indicators are starting to point downwards and there is a very significant risk of P&G stock retracing its gains. Don't be surprised if it retests its $67 support in the near future.
Disclosure: Own significant amounts of P&G stock long and other financial interest.