PHMO34 trade ideas
PM 87.73 bullish – 2.5-year triangle breakout points higherPM 87.73 bullish – 2.5-year triangle breakout points higher
PM broke out of 2.5-year triangle resistance (as shown on the weekly chart) to post new year-to-date highs. Bullish momentum suggests further upside towards 90.25 (November 10, 2015 weekly high) and then 91.63 (June 16, 2015 weekly high) near 76.4% of the 96.73/75.27 fall. Above there would open the 96.73 record high (April 29, 2013). 85.89 (October 16, 2015 low) which is the breakout point and 200-week moving average (black line) should provide immediate support to hold dips. Below lies the 83.79 low (October 12, 2015).
Outlook:
Daily: bullish
Weekly: bullish
PM looking to add to existing shorts | Risk : 0.94
| Stop : 86.55
>1=ok 0=n/a or no | Pivot L/H : 85.75
| ATR : 0.95
| Stock : PM
| Days to Earnings : -48
Fundamentals | Approximately,EPS Due Date : 10/17/2014
IBD | EPS Rating : 66
IBD | SMR Rating : n/a
Whale wisdom .com | 13F shares % change: : 1.00%
Technicals | Horizontal S&R : 1
1=ok daily .6=ok 60m 0=no n/a=waiting | Channel S&R : 1
| MA S&R 20MA=.2 50MA=.5 200MA=1 : 1
| Pearsons R >87 : 0.81
Setups: T1=flag T2=double bottom | Price within Fib Ret..62 : 1
T1 Osc -1.38 | : 1
T1 Fbar Stoch turn / crossover >= 80% | : 1
Stoch have not yet crossed 50 | : 1
strong=1 neutral=0 weak=-1 | Stock XLT : 0
strong=1 neutral=0 weak=-1 | Group Leaders / Industry XLT : 0
| Group Leaders / Industry : lo + mo + pm
b=buy s=sell d=daily 60=hr | L / S / Strategy / Time Frame : s t1 d
| Symbol : PM
| Trade Rating : 72%
| NOTES : Already started a very small short position in PM and RAI a few days ago. Will add if 60m form a bearish pattern. Otherwise will just allow trade to either hit stop or time stop.
PM tight pattern gives calculated entry After V-shape move off the bottom on February, stock formed double top at $91.62 and sold off from there with two gap downs (means strength of sellers). I will us gap pivot point as stop/ Until it stays below $87, I am bearish. Price is below key moving averages. You can manage this trade in different ways I use active trade management. Enter with tier1 in this tight pattern, add tier2 and tier3 if it breaks down and close below $83.83. My road map is move to $79.
