Philip Morris Close to Support?

Published on Friday, 20 January 2012 07:12 Written by Christopher Lynn

New York, January 20th (TradersHuddle.com) - Shares of Philip Morris International Inc. (NYSE:PM) are trading very close to calculated support at $72.85 with current price action closing at just $73.78 places the stock price near levels where traders will start paying attention.

Philip Morris' current stock range is defined by current calculated support defined at $72.85 and by the resistance level at $79.42, which should be used by traders planning their trades. These support and resistance levels are based on an algorithm of peaks and troughs of the stock price action.

Traders wanting to establish a position should place close attention to Philip Morris' price action, and establish a position as close to support as possible, but only after buying materializes. Traders should understand that the resistance point at $79.42 might limit their upside, however if the stock breaks resistance, it could be a good point to add to the position.

Philip Morris International Inc. (NYSE:PM) licensees, produces, and markets a wide range of branded cigarettes and tobacco products in markets outside of the United States of America. The portfolio include Marlboro, Merit, Parliament, and Virginia Slims.