MO dominated by bulls lifting the market higher throughout the day
Altria Group Inc. (MO) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, MO ended Thursday at 36.64 gaining $2.27 (6.6%) on low volume, slightly outperforming the S&P 500 (6.24%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 36.14, the share confirmed its breakout through the prior session high after trading up to $0.68 above it intraday.
Daily Candlestick Chart (MO as at Mar 26, 2020):
Thursday's trading range has been $2.18 (6.29%), that's slightly below the last trading month's daily average range of $2.61. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently significantly 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 March 13th, MO actually lost -4.62% on the following trading day.
Prices are trading close to the key technical support level at 34.38 (S1). Prices are trading close to the key technical resistance level at 38.57 (R1).
While the market is experiencing a short-term uptrend, this might just be a correction, as both the medium and long-term trends are still bearish.
Among the seven 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 337 times, MO closed higher 55.49% 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 64.09% with an average market move of 0.53%.