Above Resistance: Philip Morris
Published on Wednesday, 01 August 2012 05:36 Written by TradersHuddle Wire
New York, August 1st (TradersHuddle.com) - Shares of Philip Morris International Inc. (NYSE:PM) closed the session at $91.44 just above calculated resistance at $91.39. The stock effectively broke out and grasped the attention of momentum traders, which could eventually push the stock to a different trading range.
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 $83.79 and resistance at $91.39. 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 $91.39 level to see if the stock holds the breakout without rolling over.
- AT&T And America Movil To Provide Deeper National Reach For Advanced Enterprise Services Across Latin America
- AT&T 4G LTE Available In Willimantic
- AT&T 4G LTE Available In Torrington
- AT&T And The University Of Kansas Team Up To Enhance Wireless Coverage On Lawrence Campus
- AT&T 4G LTE Available In Fargo
- AT&T 4G LTE Available In Amarillo
- Benefitfocus Announces Pricing of Initial Public Offering
- Trends of China Gear Industry 2013 Analysis & Reviewed in New Research Report at RnRMarketResearch.com
- Product Launch Formula 4.0 Bonuses Total $5000 at BrianHanson.com
- Datex Presents Motorola Solutions Webinar “Is It ‘Smart’ to Use Smartphones for the Enterprise?”
Related Partner Headlines
Recent Trading Ideas
Latest Partner Headlines