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PM closes higher for the 2nd day in a row


Technical Analysis Report for PM - May 17, 2018 [1 min read]
Highlights
PM finds buyers at key support level
PM closes higher for the 2nd day in a row
PM runs into sellers again around 81.43
PM closes within previous day's range after lackluster session
PM ends the day indecisive
TQ Sentiment
Technical Forecast:
Overview

Moving higher for the 2nd day in a row, PM finished Thursday at 81.04 edging higher $0.15 (0.19%). Closing within the prior day's range, prices failed to decisively move past the previous day's trading range in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for PM
Volatility

Thursday's trading range was $0.81 (1.0%), that's far below last trading month's daily average range of $1.54. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being way below average.

Support/Resistance

After trading as low as 80.62 during the day, the market bounced off the key support level at 80.64. The failure to close below the support could increase that levels importance as support going forward. After having been unable to move above 81.33 in the prior session, the share ran into sellers again around the same price level today, failing to move higher than 81.43.

Trend

Although the stock is experiencing a short-term up trend, this might just be a correction, as both the medium and long term trends are still in negative territory.

Order Flow

Buying could accelerate should prices move above the nearby swing high at 83.04 where further buy stops might get activated. Selling could speed up should prices move below the close-by swing low at 79.40 where further sell stops might get triggered.

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
Bounced off Technical Support S1 TQ Pro Members Only
High close to previous High TQ Pro Members Only
2 Consecutive Higher Closes TQ Pro Members Only
Close to Swing High TQ Pro Members Only
Close to Swing Low TQ Pro Members Only
More market conditions identified for TQ Pro members...
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