The proxy votes are in, and it looks like activist Nelson Peltz won't be getting any seats at the boardroom table of Procter & Gamble Co. (PG) - Get Report  after all (although Peltz says the vote is still "too close to call").

P&G shares reacted quickly to the downside, falling from as high as $93.04 prior to the announcement to as low as $89.37, a 3.4% loss. However, shares have since partly recovered and are only down about 1.25% as I write this.

And of course, it's the 4 p.m. ET closing price that really matters. Let's see if there are any clues in Procter & Gamble's price action and technical indicators that tell us where the stock could be heading.

In this daily P&G bar chart, we can see that the stock has enjoyed an uptrend over the past 12 months, although it hasn't been on a straight path upward:

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There have been a number of corrections and pullbacks along the way, and the stock is now sitting on or near a flat 50-day moving-average line (the gold line in the top panel above). P&G is also above its rising 200-day moving average (the blue line in the top panel), but the stock has traded below this numerous times over the past year.

The On-Balance-Volume line (OBV) hasn't shown a bullish trend the past year, although it improved a little in the December-through-February period and then again from May until now. That makes the OBV slightly positive, although it's not signaling a really robust advance with truly aggressive buying.

Lastly, the trend-following Moving Average Convergence Divergence oscillator (MACD) shown in the bottom panel above has been in a bearish mode since late August. It's now below the zero line for an outright sell signal.

In this Point and Figure chart of PG, we can see some clear parameters for the stock:

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A trade up to $94.92 will be positive, while a decline to $89.88 will be a new low. With support in the $86-$89 area, I wouldn't get too bearish on PG.

The bottom line: There might be some knee-jerk selling on P&G today, but I would assume that the stock's overall uptrend won't be broken.

(This column originally appeared at 10:34 a.m. ET  on Real Money, our premium site for active traders. Click here to get great columns like this from Bruce Kamich, Jim Cramer and other writers even earlier in the trading day.)

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