Swing Trade Idea (PG)- February 07, 2023
Our bearish trade for Tuesday, February 7th is The Procter & Gamble Company (PG). PG is part of the Consumer Staples Sector, which has performed at -0.43% over the last month, with PG underperforming relative to its sector at -5.95% over the same period.
PG had a sharp retracement from the $155 level and is breaking below a key level of $140. With a bearish 1M trend and a Relative Strength of 3 (out of 10), we expect to see further downside.
As a close, if PG were to trade above $145 for multiple days, this would invalidate our analysis and we will consider cutting losses on the trade. We also will consider cutting losses on this options trade if the value of the vertical spread moves above $5.08.
