MO closes below its opening price unable to hold early session gains

Altria Group Inc. (MO) Technical Analysis Report for Aug 10, 2018 | by Techniquant Editorial Team


MO closes below its opening price unable to hold early session gains
MO runs into sellers again around 59.45
MO stuck within tight trading range
MO closes within previous day's range after lackluster session
MO ends the day indecisive


MO finished the week -1.14% lower at 59.05 after losing $0.17 (-0.29%) today on low volume. Trading $0.24 higher after the open, the stock was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the prior day's range, prices failed to decisively move past the previous day's trading range in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily Candlestick Chart (MO as at Aug 10, 2018):

Daily technical analysis candlestick chart for Altria Group Inc. (MO) as at Aug 10, 2018

Friday's trading range was $0.59 (1.0%), that's far below last trading month's daily average range of $1.03. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly above average. Prices continued to consolidate within a tight trading range between 58.49 and 59.55 which it has been in now for the last three days.

After moving higher in the prior session, the share closed lower but above the previous day's open today, forming a bearish Harami Candle.

Prices are trading close to a key support level at 58.56. After having been unable to move above 59.33 in the prior session, the market ran into sellers again around the same price level today, failing to move higher than 59.45.

Though still in a long-term downtrend, the short and medium-term trends both turned bullish already.

Selling might accelerate should prices move below the nearby swing low at 58.49 where further sell stops could get triggered.

Market Conditions for MO as at Aug 10, 2018

Loading Market Conditions for MO (Altria Group Inc.)...
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