FX.co ★ PG approaching our first pull back target

Green line- support (broken)

Violet lines- Fibonacci retracement levels

PG announced falling revenue and profit on Thursday. Price provided a new bearish signal yesterday by breaking below $149. Price is now approaching the 38% Fibonacci area which is our first pull back target. In our previous analysis we warned again on the bearish signs by the 4 hour chart of PG. Short-term trend has changed to bearish and we expect price to continue making lower lows and lower highs. First support is found at $142.30. Breaking below this level will open the way for a move towards $138 and $135 our next targets. Bears do not want to see price move back above the green horizontal level of $149. What was once support is now resistance. We remain bearish as long as price is below this level.