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Possible Bullish Inside Day Candle Pattern Detected for Altria Group Inc (NYSE:MO)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Altria Group Inc (NYSE:MO) based on the price action in the company's shares. Yesterday's price range of $46.65 and $47.23 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 Altria Group Inc 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, Altria Group Inc share prices have been bracketed by a low of $39.30 and a high of $57.88 and closed yesterday at $46.60, 19% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.3% while the 50-day MA has remained constant.

Potential upside of 50.4% exists for Altria Group Inc, based on a current level of $46.60 and analysts' average consensus price target of $70.07. Altria Group Inc shares should first meet resistance at the 200-day moving average (MA) of $48.13 and find additional resistance at the 50-day MA of $50.03.

Altria Group, Inc. is a holding company. The Company, through subsidiaries, manufactures and sells cigarettes and other tobacco products, including cigars and pipe tobacco. Altria holds an interest in a brewery company.

SmarTrend is tracking the current trend status for Altria Group Inc and will alert subscribers who have MO in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle altria group inc

Ticker(s): MO