PM has reached important support Price has followed the broader trend structure outlined in prior updates since August and has now reached a key mid-term support zone, where at least a temporary bounce is likely.
Alternatively, a breakdown below 140 would increase the odds of a move toward 130 support.
On the macro time frame, the uptrend structure from the 2020 bottom continues to suggest long-term potential for higher resistance targets, as long as price holds above 127.
Chart:
Macro view (Monthly):
Previously:
• On key support to watch (Oct 3):
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• On immediate downside potential (Sep 25):
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• On downside potential (Sep 5):
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• On resistance (Aug 11):
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www.tradingview.com
Tobaccostocks
MO services smokers who always need another LONGMO moves on the 2H like a large caps and seems to have upside in its current trend up.
I am targeting recent pivot highs and an overall trade of 10% . I will look at call options as well.
MO has two minor earnings beats in a row after a miss. Albiet minor fundamental momentum,
I will take it as a sign that MO will do well. Its business model is keeping smokers content
and being competitive with its margins to prevent demand destruction.