2024-04-14 10:39:46 ET
Summary
- Procter & Gamble's stock is showing signs of breaking down as it approaches earnings, with a weak technical picture and lack of growth catalysts.
- The stock is testing a critical support level at around $155, and momentum is weak, indicating a potential breakdown.
- The correlation between PG's share price and the 10-year Treasury yield has turned negative, adding to the bearish outlook.
Consumable products legend Procter & Gamble ( PG ) is due to report earnings later this week as the stock market as a whole shows some cracks in what has been an otherwise raging bullish façade for most of 2024. I see PG shares as roughly the same, as they have rallied nicely for much of the year, but look subject to breaking down as we approach earnings....
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Procter & Gamble Ahead Of Earnings? No Thanks.