Stock of the day: Philip Morris

By Tomasz Wisniewski|

Published: August 31 2022, 07:45 GMT+0

Stock of the day: Philip Morris

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In today’s stock of the day, I have a nice bearish occasion on Philip Morris, a company which appeared many times on our portal.

In the long term, the price is moving sideways, locked inside of a big symmetric triangle pattern (black lines) and a real signal will be triggered, once the price escapes out of this formation. In the meantime, we can look for something suitable in the mid-term and yes, we found such an occasion.

The yellow pattern in the middle is a well-known Head and Shoulders pattern. It has a neckline (red), which was already broken and that gives us a proper sell signal. It seems that the upswing, which started in the middle of July is over and the price is about to have few bearish weeks now.

The potential target is on the lower line of the triangle, so around 5 USD lower. Chances that it will get there are quite high. The sell signal will be cancelled, when the price returns above the neckline but chances for that are now rather limited.

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