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by Darius Anucauskas

Is Philip Morris a Buy-Stock Again?

After suffering a good beating in the first half of the year, the stock of Philip Morris is becoming quite attractive in the eyes of investors who like this type of company stocks. One good reason for that is, although there is a huge alternative market of e-cigarettes, which is a direct competition, still, tobacco remains quite inelastic and that’s why big companies like Philip Morris are able to continue increasing their prices, in order to offset the slight drops in sales.

From the technical side, we can see that Philip Morris stock is currently consolidating and is within a range, between the 76.20 and 87.40 price tags. Also, what is important to mention, is that the stock is trading below its long-term downwards moving trendline, taken from the peak of the 20th of June 2017.

If we will see the share price moving above the 87.40 barrier, this could indicate that the buyers are trying to take control and potentially lift it higher. More bulls could start joining in and driving the stock higher, towards the 92.15 zone, marked by the lower side of the gap seen between the 18th and the 19th of April. If that level doesn’t stop the price from rising, the next potential area of resistance could be around the 95.45 hurdle, which was the low of the 23rd of March. If the price continues to accelerate, then it could hit the aforementioned downwards moving trendline that could slow down the bulls for a while.

Alternatively, a break below the lower bound of the previously mentioned range could set the stage for some further declines, where the bears could take Philip Morris down to the 72.55 obstacle, marked by the lowest point of January 2012. The next good support below that could be at 70.80, which was the low of the 22nd of November 2011.

Philip Morris Daily


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