PM STOCK POSSIBLE BOUNCE AT 100 LEVEL-LONGPM - PHILLIPS MORRIS IS RIGHT NOW IN A DOWN TREND; HOWEVER, PM STOCKS MIGHT FIND SUPPORT AT LEVEL OF 100, WHICH HAPPEN TO BE THE 61.8% OF THE BC WAVE.
THE TARGET IS FIRST THE 50% (107.96) FIBONACCI RETRACEMENT AND SECOND THE 61.8% LEVEL (109.82).
IF PM BREAKS THE 100 LEVEL DOWN FOR A GOOD MARGIN, THE LONG CONDITION IS CANCELLED
GOOD LUCK!!!!!
PMOR trade ideas
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.