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PM pushes through previous session high


Technical Analysis Report for PM - Apr 16, 2018 [< 1 min read]
Highlights
PM pushes through key resistance level
PM pushes through 100-day moving average
PM closes higher for the 2nd day in a row
PM pushes through previous session high
PM rises to highest close since March 15th
TQ Sentiment
Technical Forecast:
Overview

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.

Daily chart for PM
Volatility

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.

Support/Resistance

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.

Trend

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.

Conclusion

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

Report Market Conditions
ConditionForecastDirectionWinAvgWorstBest
Price broke through Technical Resistance R1 TQ Pro Members Only
Bullish Break through SMA 100 TQ Pro Members Only
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
More market conditions identified for TQ Pro members...
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