CINCINNATI – Shares of consumer goods giant Procter & Gamble (PG) took a significant hit on Friday, closing down sharply and continuing their decline in after-hours trading, setting a negative tone for the stock heading into Monday’s session.
The company’s stock ended the day at
2.90, or 1.78%. The sell-off was persistent throughout the day. After opening at $162.76, well below the previous close of $163.18, the stock failed to find any upward momentum. It briefly touched a high of $163.03 early in the session before beginning a steady, day-long slide to a low of $159.91.
The bearish sentiment did not end with the closing bell. In post-market trading, PG shares fell further to $159.99, shedding another 0.18%. This continued selling pressure after hours is a strong indicator that investor confidence was shaken and that the downward momentum could carry over into the next trading day.
The stock is now trading closer to its 52-week low of $156.58 than its high of $180.43, suggesting that the recent price action is breaking down longer-term support levels.
Outlook for Monday:
The technical picture for Procter & Gamble appears decidedly bearish. The combination of a strong intraday downtrend, a close near the session’s low, and a subsequent decline in after-hours trading points to a high probability of a lower open on Monday. Investors will be watching to see if buyers step in to defend the $160 level or if the stock will continue its descent to test its 52-week low.
