Procter & Gamble Health gives ascending triangle pattern breakout

The stock of Procter & Gamble Health Limited has given an ascending triangle pattern breakout on the daily timeframe.

This breakout is confirmed by the above 50-day average volume. The ascending triangle is a bullish formation that usually forms during an uptrend as a continuation pattern.

Currently, the stock is trading above its short and long-term moving averages, i.e. 20-day EMA, 50-day EMA, 100-day EMA, and 200-day EMA. Among the momentum indicators, the 14-period daily RSI is currently quoting at 69.41 and it is trading in a rising trajectory. The daily MACD stays bullish as it is trading above its zero line and signal line. Moreover, the other volume-based indicators like OBV and Money Flow Index (MFI) are also very strong.

Going ahead, we expect the bias to remain positive as long as the stock sustains above Monday’s low of Rs 4,173.05 level. On the higher side, the level of Rs 4,520, followed by Rs 4,750, would be seen as the next resistance zone for the stock.

On Monday, the stock of Procter & Gamble Health closed at Rs 4,413 per share, surged by 6.26 per cent. The stock opened at Rs 4,223 per share and hit an intraday high of Rs 4,516 and a low of Rs 4,173.05 per share on NSE.