Altria: Next Try 🔜
As envisaged by our primary scenario, Altria shares made another attempt last week to finally break through the support level of $40.35 to the downside. It has been moving sideways along this level since Thursday. We expect a downward resolution of this sideways movement soon, as we expect the low of the expanding wave (b) in magenta to be in the same color Target Zone between $38.52 and $37.39. Long positions can still be taken within the Zone; those wishing to hedge here in the sense of sensible risk management could do so, for example, with a stop loss 1% below the lower edge of the Target Zone.
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