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

By Nick Russo

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 $87.63 and $88.55 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.

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.

There is potential upside of 21.2% for shares of Philip Morris In based on a current price of $85.57 and an average consensus analyst price target of $103.75. Philip Morris In shares should encounter resistance at the 50-day moving average (MA) of $86.42 and support at its 200-day MA of $81.83.

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 $85.57, which is 24% above that low price. The 200-day and 50-day moving averages have moved 0.07% higher and 0.33% higher over the past week, respectively.

SmarTrend is tracking the current trend status for Philip Morris In and will alert subscribers who have PM in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle philip morris in

Ticker(s): PM