Skipped through 88, next in line is 75 and then a comeback (PM)
PM fell today after earnings report more than it really should. It passed through level 88 like butter and is trading lower at the time of writing. Next support is around 75.5, however I would look into buying it at 78 if it falls there.
In short earnings report beat PROFIT expectations, expected: 0.90$, was 1$; Revenue was also higher Y/Y by about 13%, however, and here is the reason everyone went bearish - this revenue was shorter for $100m. Bear in mind company expensed $80m in Q1 for a major ad campaign that will run though-out 2018 and had a small setback in Saudi Arabia. In my opinion, not a justified reason to drop by more than 15% in one single day and we should see it climb back up pretty soon.
In short earnings report beat PROFIT expectations, expected: 0.90$, was 1$; Revenue was also higher Y/Y by about 13%, however, and here is the reason everyone went bearish - this revenue was shorter for $100m. Bear in mind company expensed $80m in Q1 for a major ad campaign that will run though-out 2018 and had a small setback in Saudi Arabia. In my opinion, not a justified reason to drop by more than 15% in one single day and we should see it climb back up pretty soon.
Comment:
Really nice slide, 75/78 level seems realistic now, will look to enter when it hits this region.
Trade active:
Opened a long here @82$, could've waited bit more, it is fairly weak, but I can't help but think 100$ is reachable here.
Will wait to reach 78 and depending on the markets behavior enter there or wait for 75 level. Chart formation suggests another incoming shoulder (H&S in the making Dec 2015)
Expected exit at 100.