ALTRIA GROUP INC.: TECHNICAL ANALYSIS
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | SELL STOP |
| Entry Point | 49.70 |
| Take Profit | 47.40 |
| Stop Loss | 50.70 |
| Key Levels | 47.40, 48.00, 49.50, 50.00, 50.70, 53.80, 55.00 |
| Alternative scenario | |
|---|---|
| Recommendation | BUY STOP |
| Entry Point | 51.00 |
| Take Profit | 53.80 |
| Stop Loss | 50.00 |
| Key Levels | 47.40, 48.00, 49.50, 50.00, 50.70, 53.80, 55.00 |
Shares of Altria Group Inc., one of the leaders in the tobacco market, are correcting at 50.00.
On the daily chart, the price is falling within the next wave inside the ascending channel with dynamic boundaries of 55.00–50.00.
On the four-hour chart, the asset has not yet indicated an attempt to leave the range, holding above the resistance line of 50.20. After consolidation below the low of 49.50, the channel will begin to be implemented, and a deeper decline may follow after consolidation below 48.00.
Technical indicators have formed a sell signal: the EMA fluctuation range on the Alligator indicator is quite wide and directed downwards, and the AO histogram forms downward bars in the sell zone.
Trading tips
Short positions may be opened after the price declines and consolidates below 49.70, with the target at 47.40. Stop loss is 50.70. Implementation period: 7 days or more.
Long positions may be opened after the price grows and consolidates above 51.00, with the target at 53.80. 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.