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MO still stuck within tight trading range


Technical Analysis Report for MO - Apr 16, 2018 [1 min read]
Highlights
MO closes above its opening price after recovering from early selling pressure
MO closes higher for the 2nd day in a row
MO pushes through previous session high
MO rises to highest close since April 5th
MO still stuck within tight trading range
TQ Sentiment
Technical Forecast:
Overview

Moving higher for the 2nd day in a row, MO finished Monday at 64.25 edging higher $0.30 (0.47%) on low volume. Today's closing price of 64.25 marks the highest close since April 5th. Trading up to $0.26 lower after the open, the share managed to reverse during the session as bulls took control ending the day above its opening price. Closing above Friday's high at 64.19, the market confirms its breakout through the prior session's high having traded $0.38 above it intraday. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for MO
Volatility

Monday's trading range was $0.65 (1.01%), that's far below last trading month's daily average range of $1.33. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being slightly below average. Prices continued to consolidate within a tight trading range between 63.21 and 64.70 which it has been in now for the last trading week.

Support/Resistance

Prices are trading close to the key resistance level at 64.70.

Trend

Although the stock is experiencing a short-term up trend, this could just be a correction, as both the medium and long term trends are still in negative territory.

Order Flow

Buying might accelerate should prices move above the nearby swing high at 64.70 where further buy stops could get activated. Selling might speed up should prices move below the close-by swing low at 63.21 where further sell stops could get triggered. Further buying might move prices higher should the market test March's nearby high at 65.90.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

Report Market Conditions
ConditionForecastDirectionWinAvgWorstBest
Closed above last periods high TQ Pro Members Only
Close to R1 Resistance TQ Pro Members Only
2 Consecutive Higher Closes TQ Pro Members Only
Bullish Intraday Reversal TQ Pro Members Only
Close to Swing High TQ Pro Members Only
More market conditions identified for TQ Pro members...
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Latest Report:

MO finds buyers again around 55.02

Apr 25, 2018
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