Procter & Gamble May be Ready to Move Higher

• Posted by Greg Harmon
• on September 4th, 2014

Procter & Gamble is one of those sleepy old stock that your Grandmother has in her portfolio paying her dividends since 1954. So what makes it interesting today? A lot. First, granny is not doing too bad with a 3.2% dividend in a world of zero interest rates. But the stock price is also poised to move higher.

The chart above shows two perspectives in the short term that could move the stock over 5% higher. First the Butterfly harmonic is in play and carries a Potential Reversal Zone (PRZ) at about 87.80. The second is the Measured Move off of the Late July low to the current consolidation projects a move to near 90. These alone give decent reason to look at adding a position from a reward to risk perspective. Now add in granny’s dividend and presto!

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