Break below $80 support brings more pain ahead
P&G is showing weak relative strength in a weak sector (Consumer Staples) and just broke below a key $80 support level. This is likely to bring more pain ahead for this stock as it pulls back spending on weaker revenue growth. Use options to limit your risk such as Put Vertical debit spreads.
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Trade active
Retested $80 resistance level and bounced lower off it, suggests continuation lower.Trade closed: target reached
Target reached at $75 today. Look to take profits on this short.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.