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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. Yesterday's price range of $86.90 and $87.39 is within the prior day'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.

In the past 52 weeks, shares of Philip Morris In have traded between a low of $69.27 and a high of $92.74 and closed yesterday at $88.32, which is 28% 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 advanced 0.3%.

Potential upside of 17.5% exists for Philip Morris In, based on a current level of $88.32 and analysts' average consensus price target of $103.75. The stock should discover initial support at its 50-day moving average (MA) of $85.44 and subsequent support at its 200-day MA of $81.69.

Philip Morris International Inc. operates as a holding company. The Company, through its subsidiaries, licensees, produces, sells, distributes, and markets a wide range of branded cigarettes and tobacco products. Philip Morris International serves customers worldwide.

SmarTrend is monitoring the recent change of momentum in Philip Morris In. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Philip Morris In in search of a potential trend change.

Keywords: bearish am inside day candle philip morris in

Ticker(s): PM