Altria Group Inc. (MO stock) price has shown a bearish triple top pattern and noted a setback from the swing hurdle of $48, indicating sellers’ strong grip on the charts. Furthermore, MO stock is now forming lower low sequences and sunk inside the falling channel over the past sessions. However, the price action shows consolidation and indicates no significant downfall. If MO stock slips below $40 it will retest $35, whereas if it surpasses $48, the price would revisit $55.
MO stock price action shows a negative outlook, favoring sellers due to multiple rejections near $48 which suggests a strong bearish grip. The stock flipped the trend from neutral to bearish. Moreover, the chart shows a breakdown of the neckline near $45, suggesting that sellers are trying to fall toward $40.
MO share price is trading in a narrow congestion zone between $40 – $48, and if the price breaks any of the sides, sharp momentum can be witnessed soon. Bears persist in making short buildup and dominated past sessions.
At press time, MO stock price was trading at $43.67 with an intraday gain of 0.62%, showing neutrality on the charts. Moreover, the trading volume increased by 0.87% to 7.010 Million, and the market cap is $77.497 Billion.
However, analysts maintained a neutral rating and gave a yearly target price of $49.34, which buyers have been trying to catch for the past weeks.
About Altria Group Inc. (MO Stock)
Altria Group, Inc. is a holding company that manufactures and sells cigarettes in the United States. It operates through the following segments: Smokeable Products, Oral tobacco products, and Wine.
The Smokeable Products segment consists of cigarettes manufactured and sold by PM USA and machine-made large cigars and pipe tobacco manufactured and sold by Middleton. The Oral tobacco products segment is primarily moist smokeless tobacco products (MSTs) through brands like Copenhagen and Skoal as well as on! Oral nicotine pouches sold by Helix.
MO Stock Indicates Negative Outlook on Daily Charts
MO stock price is trading below the significant moving averages and is trying to sustain at the 20-day EMA. In the past sessions, MO stock slipped below the primary support of $45 and extended the weakness on the charts. Furthermore, MO share shows a falling channel pattern, forming lower lows in the past sessions and a near-term target of $40.
The RSI curve bounced from the oversold region and formed a positive crossover, indicating that buyers are trying to retain the neckline near $45.
The MACD indicator shows red bars and began to plot the green bar shown crossover in the last trading session. However, the trend is neutral and needs a confirmation of either a breakdown or a breakout from the congestion zone.
Summary
MO stock price shows a mid-negative outlook, failed to surpass the cluster of $48 and made a bearish triple top pattern, indicating that sellers have attained a strong grip and did not permit to split the range. Moreover, sellers are trying to extend the momentum and are looking to smash the strong support of $40 in the following sessions.
Technical Levels
Support Levels: $40 and $35
Resistance Levels: $48 and $55
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2023/08/26/altria-group-inc-mo-favoring-bears-will-mo-stock-hold-40/