Current trend

Shares of Altria Group Inc., one of the leaders in the tobacco market, are adjusting at 46.00.

Yesterday, the US Food and Drug Administration (FDA) lifted the ban on the sale of Juul Labs electronic cigarettes, which had been in effect since 2022. The company's products were again sent for examination, according to the results of which a new federal sales permit may be obtained.

A week earlier, the annual meeting of shareholders of Altria Group Inc. was held, at which it was decided to extend the powers of each of the 10 current members of the Board of Directors for another 1 year. In addition, management has ratified the selection of PricewaterhouseCoopers LLP as an independent auditing firm for fiscal year 2024. Also, following the results of the meeting, it was announced the payment of regular quarterly dividends of 0.98 dollars per share, the first of which will be sent out on July 10. The closing of the shareholder register is scheduled for June 14, and the yield is expected at 8.45%.

Support and resistance

The asset is being adjusted, holding on the D1 chart above the resistance line of the corridor with the boundaries of 46.00–41.50.

Technical indicators hold a buy signal, which has weakened somewhat against the background of a local correction: the range of EMAs fluctuations on the Alligator indicator remains wide, and the AO histogram forms new correction bars, being above the transition level.

Support levels: 45.70, 44.30.

Resistance levels: 46.30, 48.00.

Trading tips

If the asset continues to grow and the price consolidates above the resistance level of 46.30, one may open long positions with the target of 48.00 and stop-loss of 45.50. Implementation time: 7 days and more.

In case of a reversal and continued decline of the asset, as well as price consolidation below the support level of 45.70, one can open short positions with the target of 44.30 and stop-loss of 46.50.