Trading Idea: - Is Altria close to Resistance?
Published on Thursday, 14 June 2012 07:36 Written by TradersHuddle Wire
New York, June 14th (TradersHuddle.com) - Shares of Altria Group, Inc. (NYSE:MO) are trading very close to calculated resistance at $33.47. The stock ended the trading session at just $33.27, which is near levels that make it difficult to buy or start a position.
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.
Altria's stock range is defined by its calculated support defined at $28.25 and by the resistance level at $33.47; the stock is clearly over-extended from support, making it harder for participants to establish fresh longs.
Traders don't have a clear entry point for Altria. However, as the stock pulls back towards $28.25 it will definitely provide a reference point to establish a trade. On the other hand, if the stock breaks above its resistance level at $33.47 then traders will get an opportunity to enter the stock as it moves to a higher range.
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