PM breaks key support level
Philip Morris International Inc (PM) Technical Analysis Report for Aug 10, 2018 | by Techniquant Editorial Team
PM ended the week -4.93% lower at 82.56 after tanking $1.84 (-2.18%) today. This is the biggest single day loss in over a month. Today's closing price of 82.56 marks the lowest close since July 19th. Closing below Thursday's low at 83.72, the market confirms its breakout through the prior session's low having traded $1.55 below it intraday.
Daily Candlestick Chart (PM as at Aug 10, 2018):
Friday's trading range was $1.31 (1.57%), that's slightly below last trading month's daily average range of $1.55. Things look different on a weekly scale, where volatility is slightly above the markets average with the monthly volatility being slightly above average.
Prices are trading close to a key support level at 81.91. Breaking below the key support level at 83.24 today, it is now likely to act as resistance going forward.
The stock shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend being bullish. The share broke below the 20-day moving average at 84.29 today for the first time since August 8th.