Philip Morris International Inc. (NYSE: PM) stock on the Daily Chart has been in an uptrend since 29 October 2020 when it registered the low price at $68.94, followed by a series of higher tops and higher bottoms.
Price Action Analysis
On 16 December 2020, Philip Morris recorded the high price of $86.25.
When applying Oscillator Analysis to the price chart, one can see that price is trading above the SMA 60 period Moving Average line, a fact which confirms the PM stock’s upward direction.
MACD
Furthermore, the Moving Average/Convergence Divergence (MACD) Oscillator is recording values above the zero line which hints to the bullish bias of the financial instrument.
RSI
Additionally, the Relative Strength Index (RSI) Oscillator registers values in the overbought zone after an increase in buying and excess of net gain. All three technical indicators are in agreement with regards to the upward bias of PM.
Fibonacci
Three price targets may be calculated upon applying the Fibonacci tool to the price chart.
While the first and second target have been breached at $81.53 (161.8%) and $85.31 (261.8%) respectively, the third price target is projected at $91.42 (423.6%).
PM is currently trading above the uptrend line, and the presence of the Bullish Engulfing pattern hints at a potential rally to the upside.
Of course, supply and demand as well as the crowd sentiment will determine the future course of PM.
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