PM breaks key support level


Philip Morris International (PM) Technical Analysis Report for Aug 10, 2018 [< 1 min read]
Highlights
PM tanks -2.18% closing $1.84 lower
PM breaks key support level
PM breaks below 20-day moving average
PM breaks below previous session low
PM falls to lowest close since July 19th
TQ Sentiment
Report Sentiment: 66% Bearish
Technical Forecast:
Overview

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 chart for PM
Volatility

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.

Support/Resistance

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.

Trend

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.

Conclusion

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

Market Conditions for Philip Morris International
Condition Forecast Direction Win Avg Worst Best Events
Close to R1 Resistance TQ Pro Members Only
Decisive Up Move TQ Pro Members Only
White Candle TQ Pro Members Only
Bullish Break through SMA 20 TQ Pro Members Only
Closed above last periods high TQ Pro Members Only
More market conditions identified for TQ Pro members...
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