PM dominated by bulls lifting the market higher throughout the day
Philip Morris International Inc (PM) Technical Analysis Report for Jun 29, 2020 | by Techniquant Editorial Team
PM finished Monday at 70.51 gaining $1.64 (2.38%) on low volume, outperforming the S&P 500 (1.47%). The bulls were in full control today, moving the market higher throughout the whole session. Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (PM as at Jun 29, 2020):
Monday's trading range has been $1.60 (2.31%), that's slightly below the last trading month's daily average range of $1.75. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for PM.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on June 25th, PM actually lost -2.55% on the following trading day.
The share ran into sellers again today around 70.62 for the third trading day in a row after having found sellers at 70.62 in the prior session and at 70.72 two days ago.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Further selling could move prices lower should the market test May's nearby low at 66.85.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Close near high of period" stand out. Its common bullish interpretation has been confirmed for Philip Morris. Out of 607 times, PM closed higher 52.06% 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 57.33% with an average market move of 0.28%.