Today’s instrument is the Procter & Gamble Co. stock traded in the NYSE exchange under the ticker (PG). 

When we look at the PG’s chart, we can see it trading in a channel between the resistance of $160 and support of $157.5. At yesterday’s opening, there was a retraction from the $160 to the $156 breaking the $157.5 support. It was last found trading at $156.75.

Procter & Gamble Co. will announce its quarterly earnings today 19th January. If earning expectations are surpassed, we could expect the price to move upwards, towards the $160 price level.

Today we can expect a move close to the $157.5 closest overhead resistance level and possibly further.

If however, it does not manage to hold on to the current level then a move below the $156 closest support can be expected.