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

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish 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 $87.50 and $87.95 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. Traders and investors interested in shares of Philip Morris In may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

In the past 52 weeks, Philip Morris In share prices have been bracketed by a low of $69.27 and a high of $92.74 and closed yesterday at $87.88, 27% above that low price. The 200-day and 50-day moving averages have moved 0.02% higher and 0.23% higher over the past week, respectively.

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.

Philip Morris In has overhead space with shares priced $87.88, or 15.3% below the average consensus analyst price target of $103.75. The stock should discover initial support at its 50-day moving average (MA) of $86.13 and subsequent support at its 200-day MA of $81.77.

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: bullish am inside day candle philip morris in

Ticker(s): PM