Trading Idea - Philip Morris Broke Resistance, What to Expect?

Published on Thursday, 09 February 2012 05:24 Written by TradersHuddle Wire

New York, February 9th (TradersHuddle.com) - Shares of Philip Morris International Inc. (NYSE:PM) closed the trading session at $77.88 just above calculated resistance at $77.15 moving to what appears to be a new range, as this move will clearly raise the attention of momentum buyers.

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.

Philip Morris' stock was trading in a well defined range with support at $72.85 and resistance at $77.15, given that this range was broken traders will be closely monitoring the stock