Philip Morris International Inc. (NYSE:PM) on the Daily Chart has been in a downtrend since 7 September 2021 when it registered the high price at $106.50 , followed by a series of lower tops and lower bottoms.
On 9 November 2021, the PM recorded the low price of $92.56.
When applying Oscillator Analysis to the price chart, one can see that price is trading below the SMA 50 period Moving Average line, as well as the stock is also trading below the downtrend line a fact which confirms the stock’s downward direction.
Furthermore, the Moving Average/Convergence Divergence (MACD) Oscillator is recording values below the zero line which hints to the bearish bias of financial instrument.
Additionally, the (Relative Strength Index (RSI) Oscillator registers values below the fifty line which indicates negative sentiment.
All three technical indicators are in agreement with regards to the downward bias of Philip Morris.
Three price targets may be calculated upon applying the Fibonacci tool to the price chart.
- The first price target is estimated at $91.08 (161.8%).
- The second price target is seen at $85.75 (261.8%).
- The third price target is projected at $77.12 (423.6%).
Of course, supply and demand as well as the crowd sentiment will determine the future course of PM. Though the market is currently following a counter trend direction, this might just be a temporary correction, as long-term sentiment remains bearish.
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