Altria Close to the 50 Day

Published on Friday, 10 February 2012 07:48 Written by TradersHuddle Wire

New York, February 10th (TradersHuddle.com) - Shares of Altria Group, Inc. (NYSE:MO) closed the trading day at $29.30 close to its 50 day moving average currently set at $28.88. Altria's price action is just above this important support level translating into a trading opportunity.

Altria Group, Inc. (NYSE:MO), its a holding company, parent of Philip Morris USA, John Middleton, and US Smokeless Tobacco Company. Altria, through its subsidiaries, engages in the manufacture and sale of cigarettes, and other tobacco products in the United States and internationally. It primarily offers cigarettes under the Marlboro, Virginia Slims, and Parliament brands; smokeless tobacco products under the Copenhagen, Skoal, Red Seal, and Husky brands; and machine-made large cigars and pipe tobacco.

Looking at peaks and troughs horizontal support and resistance levels, we can see current calculated support at $28.25 and calculated resistance at $30.40. 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 Altria 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.