Philip Morris Is Near its 50 Day Moving Average
Published on Tuesday, 31 July 2012 05:36 Written by TradersHuddle Wire
New York, July 31st (TradersHuddle.com) - Philip Morris International Inc. (NYSE:PM) closed the trading day at $91.18, near its 50 day moving average that is set at $86.89. Philip Morris' price action is just above this important support level, providing a trading opportunity.
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 peaks and troughs algorithm shows calculated support at $83.79 and calculated resistance at $91.39. These levels should also be evaluated when planning trades, as they provide an insight into the latest price action.
Traders wanting to establish a position on Philip Morris should look for evidence of buying near the 50 day moving average, and open this position as close as possible to this important level. Also, they need to consider the latest range defined by the peaks and troughs algorithm for insights on other key levels that might impact an upside or downside move.
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