Look for Shares of Philip Morris to Potentially Rebound after Yesterday's 1.64% Sell Off
Philip Morris (NYSE:PM) traded in a range yesterday that spanned from a low of $87.24 to a high of $89.41. Yesterday, the shares fell 1.6%, which took the trading range below the 3-day low of $88.70 on volume of 3.5 million shares. Often times after large one-day declines, short-term traders may play for some degree of mean reversion.
In the past 52 weeks, Philip Morris share prices have been bracketed by a low of $76.54 and a high of $104.20 and are now at $87.96, 15% above that low price. Over the past week, the 200-day moving average (MA) has gone up 0.3% while the 50-day MA has advanced 0.6%.
SmarTrend recommended that its subscribers protect gains by selling shares of Philip Morris on July 27th, 2016 by issuing a Downtrend alert when the shares were trading at $98.07. Since that call, shares of Philip Morris have fallen 9.3%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.
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