by Sam Collins | December 13, 2013 1:53 am
Procter & Gamble (PG) — This blue-chip institutional favorite makes some of the most trusted household brands and markets products in more than 180 countries. It was included on my list of Top Stocks to Buy for December.
At a recent Morgan Stanley (MS) conference, a PG executive reaffirmed the outlook for fiscal 2014 and said to expect stock buybacks of $5 billion to $7 billion.
PG has a dividend yield of 2.9%. Earlier this year, it increased its dividend by 7%, the 57th consecutive year it has done so.
A six-month consolidation ended early in November with a quadruple-top breakout. Accumulation was high. Initial support was at the breakout point at about $82.50, but on Thursday, PG closed under that line.
I am lowering my buy under price to $80, which represents a 50% retracement from the October low to the December high and is between the 50-day and 200-day moving averages where it has traded many times this year. The target for PG remains $94.
P.S. – Traders looking to Serge Berger’s free Beat the Bell service every morning will be putting themselves in capable hands.
Serge has worked for InvestorPlace for years now, and has filled in for me on the rare occasion I take a few days off. Every time I return, I see plenty of reader compliments about Serge’s work.
Serge’s technique involves swing trades in stocks and ETFs that last anywhere from two days to four weeks. He is frequently successful in capturing high-probability trades that are set up at confluence zones of support/resistance using candlesticks as his charting method.
And Serge’s advice isn’t just one-time, one-way. Win or lose, he frequently revisits ideas after the fact to see what can be learned and what new trades can be made. More importantly, Serge connects with his readers, frequently answering questions and fielding some tough ones with aplomb.
I have no doubt that traders will be well-served by Beat the Bell and Serge’s daily flow of ideas.
– Sam Collins, InvestorPlace Chief Technical Analyst
Source URL: http://investorplace.com/2013/12/trade-day-proctor-gamble-pg/
Short URL: http://invstplc.com/1nskFs8
Copyright ©2016 InvestorPlace Media, LLC. All rights reserved. 700 Indian Springs Drive, Lancaster, PA 17601.