Procter & Gamble share price is trading in the green today despite the market’s overall risk aversion. As of this writing, the stock price of the multinational consumer goods company is up by 0.51% at 121.63.
While other companies announced that they would suspend their dividends, Procter & Gamble said that it would pay out its investors. In fact, the company even raised its quarterly dividend by 6% to $0.7907 per share. This news has consequently allowed the Procter & Gamble share price to trade higher.
Download our Q2 Market Global Market Outlook
On the 4-hour time frame, it can be seen that the Procter & Gamble share price has been on an uptrend since late March. It’s currently struggling above last month’s highs around 121.40 with reversal candlesticks forming at this level. This could suggest that buyers may soon run out of steam and Procter & Gamble will trade lower. Near-term support is at 117.10 where the rising trend line (from connecting the lows of March 23, March 25, and April 13 coincide with the 61.8% Fib level (when you draw the Fibonacci retracement tool from the low of April 13 to today’s high).
However, if buyers are able to sustain gains and close above 121.40, Procter & Gamble share price could soon rally to its March 4 highs at 124.33.