PM trade ideas
SELL- DOUBLE TOPThis pattern is found at the peaks of an upward trend and is a clear signal that the preceding upward trend is weakening and that buyers are losing interest.
Philip Morris extremely overboughtPhilip Morris ($PM) is showing some great short entry signals:
M bollinger bandpattern on decreasing RSI.
Second, slightly lower peak with decreasing volume.
Bearish engulfing candle with almost no lower wick means no buying pressure at the close.
Personal Strategy:
Given the bearish engulfing pattern, an immediate entry is acceptable.
Take some profits of table when price hits $110. If price breaks the $110 resistance, and continues down through the $109.35 mark, hold through to the $104.12 resistance.
If price does not continue down through either $110 or $109.35, exit entire position.
PHILIP MORRIS NYSE SHORTSome indications are highlighted in the analysis. The conclusion is to SELL.
philip morrisPM (philip morris) seems to be in a down trend. the current 93 area, seems to be a resistance area. a break above this area will target the 96 area, but my bias here is on the short side. I believe this may be a good r/r point to enter a short trade with a possible target of 88 area.
Decrease of cigarettes' demand reflects on Philip Morris stocks?Main signals:
1-multiple top
2-gap
3-formation of pennant
Sell 99.30-99.10 pennant's bottom line breakout
Stop-loss 100.59 (+1 tic above pennant's high price)
Target #1 95.00 (sizing)
Target #2 90.00 (Elliott's waves+strong supporting level)
PMIf price has 1 daily close below the short term ascending trend line I will initiate a short position with a target of 94.
