MO rises to highest close since June 17th
Altria Group Inc. (MO) Technical Analysis Report for Dec 02, 2019 | by Techniquant Editorial Team
MO ended Monday at 50.61 gaining $0.91 (1.83%), notably outperforming the S&P 500 (-0.86%). Today's close at 50.61 marks the highest recorded closing price since June 17th. The bulls were in full control today, moving the market higher throughout the whole session. Ending with a strong close near the high of the day sets a bullish note for the next session.
Daily Candlestick Chart (MO as at Dec 02, 2019):
Monday's trading range has been $0.74 (1.48%), that's slightly below the last trading month's daily average range of $0.89. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for MO.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on November 27th, MO actually lost -0.10% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Decisive Up Move" stand out. Its common bullish interpretation has been confirmed for Altria Group. Out of 339 times, MO closed higher 56.34% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 64.60% with an average market move of 0.61%.