PM pushes through previous session high
Philip Morris International (PM) Technical Analysis Report for Apr 16, 2018
Moving higher for the 2nd day in a row, PM finished Monday at 102.95 gaining $1.10 (1.08%). Today's closing price of 102.95 marks the highest close since March 15th. Closing above Friday's high at 102.33, the market confirms its breakout through the prior session's high having traded $1.02 above it intraday.
Monday's trading range was $1.62 (1.58%), that's below last trading month's daily average range of $2.03. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being way below average.
Breaking through the key resistance level at 102.29 today, it is now likely to act as support going forward. Prices are trading close to the key resistance level at 104.01.
The share shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish. The stock managed to break above the 100-day moving average at 102.95 today for the first time since March 2nd.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bearish.
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