New York, April 27th (TradersHuddle.com) - Shares of Philip Morris International Inc. (NYSE:PM) closed the session at $88.55 just above calculated resistance at $88.51. The stock moved to what appears to be a higher range, spurring attention from 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.
The stock was trading in a well defined range with support at $72.85 and resistance at $88.51. Given that this range was broken, traders will be closely monitoring Philip Morris' price action to gather clues on the future direction.
From a technical perspective, it can be expected that previous resistance becomes support, as the new range gets defined. However, given that Philip Morris is still near the broken resistance level, traders will be focusing on the $88.51 level to see if the stock holds the breakout without rolling over.
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