Philip Morris Close to the 50 Day

Published on Wednesday, 08 February 2012 05:24 Written by TradersHuddle Wire

New York, February 8th (TradersHuddle.com) - Shares of Philip Morris International Inc. (NYSE:PM) closed the trading day at $77.60 close to its 50 day moving average currently set at $76.15. Philip Morris' price action is just above this important support level translating into a trading opportunity.

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.

Looking at peaks and troughs horizontal support and resistance levels, we can see current calculated support at $72.85 and calculated resistance at $77.15. These levels should also be evaluated by traders when planning their trades, as they provide an insight into the latest price action.

Traders wanting to establish a position on Philip Morris will be looking at the price action for evidence of buying near the 50 day moving average, and opening a position as close as possible to this important level. Also traders will be looking at the latest price action, via the stocks current range previously defined for insights of other key levels that might affect their upside or downside.