FX.co ★ PG reaches our first target

PG stock price has reached and surpassed our first pull back target which was at the 38% Fibonacci retracement. Short-term trend is bearish as price has started making lower lows and lower highs. The RSI has reached oversold levels so a bounce is justified from current levels. Next support level is at the 50% Fibonacci retracment at $138.40. Resistance is at $143.70. I believe that bears should be cautious and protect their gains by lowering their stops. A bounce towards $146 is justified from current levels.