novvoll12
Long

PM 87.73 bullish – 2.5-year triangle breakout points higher

NYSE:PM   PHILIP MORRIS INTL INC
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PM 87.73 bullish – 2.5-year triangle breakout points higher

PM broke out of 2.5-year triangle resistance (as shown on the weekly chart) to post new year-to-date highs. Bullish momentum suggests further upside towards 90.25 (November 10, 2015 weekly high) and then 91.63 (June 16, 2015 weekly high) near 76.4% of the 96.73/75.27 fall. Above there would open the 96.73 record high (April 29, 2013). 85.89 (October 16, 2015 low) which is the breakout point and 200-week moving average (black line) should provide immediate support to hold dips. Below lies the 83.79 low (October 12, 2015).
Outlook:
Daily: bullish
Weekly: bullish
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