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

By Amy Schwartz

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 $85.76 and $85.93 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. 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.

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 $85.76, 33% above that low price. The 200-day and 50-day moving averages have moved 0.04% lower and 0.57% higher over the past week, respectively.

Philip Morris In (NYSE:PM) has potential upside of 21.0% based on a current price of $85.76 and analysts' consensus price target of $103.75. The stock should discover initial support at its 50-day moving average (MA) of $82.13 and subsequent support at its 200-day MA of $81.92.

SmarTrend recommended that subscribers consider buying shares of Philip Morris In on October 16th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $79.11. Since that recommendation, shares of Philip Morris In have risen 9.0%. We continue to monitor PM for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle philip morris in

Ticker(s): PM