Is Philip Morris Breaking Down?
Published on Tuesday, 15 May 2012 05:44 Written by TradersHuddle Wire
New York, May 15th (TradersHuddle.com) - Shares of Philip Morris International Inc. (NYSE:PM) closed the trading session at $85.39 below calculated support at $85.64. The stock broke down technically, raising concerns as the move might trigger additional selling.
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 $85.64 and resistance at $91.05; given that this range was broken traders will be closely monitoring the stock's price action for clues of direction.
From a technical perspective, it can be expected that previous support becomes resistance, as the new range gets defined. However, $85.64 will remain in focus as Philip Morris' price action places the stock near the broken support. Traders will be waiting to see if it can bounce back and return to its previous range.
Traders wanting to establish a short position in Philip Morris can do so if the stock breaks the intraday low, or if the stock bounces back and selling materializes again at previous support of $85.64. However, if traders want to build a long position, the best entry point to do so is when the price action takes the stock back to calculated support.
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