Procter & Gamble (PG), the biggest component in the Consumer Staples SPDR (XLP), surged above pennant resistance and recorded a 52-week high on Monday. The stock is medium-term overbought after a huge advance the last 10 weeks, but remains in a clear uptrend with first support at 66.
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About the author:
Arthur Hill, CMT, is the Chief Technical Strategist at TrendInvestorPro.com. Focusing predominantly on US equities and ETFs, his systematic approach of identifying trend, finding signals within the trend, and setting key price levels has made him an esteemed market technician. Arthur has written articles for numerous financial publications including Barrons and Stocks & Commodities Magazine. In addition to his Chartered Market Technician (CMT) designation, he holds an MBA from the Cass Business School at City University in London.
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