Procter & Gamble
Last, but certainly not least, is Procter & Gamble (PG), the mammoth consumer product maker behind brands like Tide, Charmin and Cover Girl. Yesterday, Procter posted a conspicuous earnings miss - and shares sold off by more than 6.5%. That's a hugely volatile drop given the relatively tight range that PG has been trading within for the last few months.
More importantly, the drop shoved PG down through support, breaking the uptrend that bad been in place since the end of January. That break makes more downside look likely over the near-term, even if shares are correcting higher early in this morning's session. If you're looking for a place to build a position in PG, don't get lured by its lower prices here. Wait for this stock to find a more meaningful support level before you put money into it.
While yesterday's selling stopped at the 50-day moving average, it's still a little too premature to call that level a price floor for shares. Instead, investors should be watching for lower highs in PG.I also featured Procter & Gamble recently in "5 Stocks Fund Managers Love for 2013." To see this week's trades in action, check out this week's Must-See Charts portfolio on Stockpickr.-- Written by Jonas Elmerraji in Baltimore.
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