• Return to Headlines

Possible Bearish Inside Day Candle Pattern Detected for Philip Morris In (NYSE:PM)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Philip Morris In (NYSE:PM) based on the price action in the company's shares. Today's price range of $78.09 and $78.59 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Philip Morris In may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Philip Morris International Inc., through its subsidiaries, affiliates and their licensees, produces, sells, distributes, and markets a wide range of branded cigarettes and tobacco products in markets outside of the United States of America. The Company portfolio comprises both international and local brands.

In the past 52 weeks, Philip Morris In share prices have been bracketed by a low of $64.67 and a high of $92.74 and are now at $78.44, 21% above that low price. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 0.8%.

Potential upside of 32.3% exists for Philip Morris In, based on a current level of $78.44 and analysts' average consensus price target of $103.75. Philip Morris In shares should first meet resistance at the 200-day moving average (MA) of $82.16 and find additional resistance at the 50-day MA of $82.60.

SmarTrend recommended that its subscribers protect gains by selling shares of Philip Morris In on April 5th, 2019 by issuing a Downtrend alert when the shares were trading at $85.58. Since that call, shares of Philip Morris In have fallen 7.4%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish inside day candle philip morris in

Ticker(s): PM