ALTRIA GROUP INC.: TECHNICAL ANALYSIS
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | BUY STOP |
| Entry Point | 50.40 |
| Take Profit | 52.60 |
| Stop Loss | 49.40 |
| Key Levels | 46.00, 49.00, 49.50, 50.00, 50.40, 52.60, 53.00 |
| Alternative scenario | |
|---|---|
| Recommendation | SELL STOP |
| Entry Point | 49.00 |
| Take Profit | 46.80 |
| Stop Loss | 50.00 |
| Key Levels | 46.00, 49.00, 49.50, 50.00, 50.40, 52.60, 53.00 |
Shares of Altria Group Inc., one of the leaders in the tobacco market, are trading at 50.00.
On the daily chart, the price is moving within a new correction wave of the ascending channel with dynamic boundaries of 53.00–46.00.
On the four-hour chart, the quotes consolidated above the year’s high of 49.50, which allows them to reach the resistance line of the range at 53.00. The probability of a decline is very small, and it may develop only after a consolidation below 49.00.
Technical indicators maintain a buy signal: the EMA oscillation range on the Alligator indicator remains wide and upward, and the AO histogram forms ascending bars in the buy zone.
Trading tips
Long positions may be opened after the price rises and consolidates above 50.40, with the target at 52.60. Stop loss is 49.40. Implementation period: 7 days or more.
Short positions may be opened after the price falls and consolidates below 49.00, with the target at 46.80. Stop loss is 50.00.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.