Altria Group Inc. (MO) stock was trading in a narrow consolidation range during the beginning of 2023. Moreover, MO stock was between the $42 – $48 range and did not break the territory in the past few months. Recently, the stock exceeded its 200-day EMA and sustained above it, showing buyers’ willingness to escape the zone. But, the mighty bears maintained their grip near $48.
The price action shows MO stock moving in a narrow range, where buyers tried to escape the neckline of $48 but refused multiple times from that range amid strong resistance. However, the downside near $42 was also retested more than twice, and the price glanced back from there, suggesting strong support.
Altria Group comprises Philip Morris USA, U.S. Smokeless Tobacco, John Middleton, Helix Innovations, and Philip Morris Capital. However, the company plans to wind down Philip Morris Capital by the end of 2022. It holds a 10% interest in the world’s largest brewer, Anheuser-Busch InBev.
Through its tobacco subsidiaries, Altria holds the leading position in cigarettes and smokeless tobacco in the United States and the number two spot in machine-made cigars. The company’s Marlboro brand is the leading cigarette brand in the U.S., with a 43% share in 2020. Altria holds strategic investments in JUUL Labs (35% economic interest) and Cronos (42%).
At press time, MO stock was traded at $45.98 with an intraday drop of 0.24% showing mild profit booking during the overnight session. Moreover, the intraday trading volume increased by 1.98% to 8.396 Million which shows seller interest. The market cap of MO stock is $82.076 Billion.
As per the stock valuations, analysts maintained a neutral rating with a price target of $49. Furthermore, as per the technicals, MO stock is still trading in the bullish territory and preparing for a surge. Crossing the 200-day EMA signals that buyers are now seriously preparing for another charge.
Will MO Stock Escape the Neckline of $48?
On the daily charts, MO stock remained in a narrow range, but holding the gains and still favoring bulls signals an upcoming bullishness is about to occur. Moreover, the stock is sustained above the 200-day EMA, showing the strength of the bulls.
The RSI curve shows a positive crossover and is near 60 in the buying region, indicating a positive outlook on the charts.
The MACD indicator also showed a bullish crossover and persisted in forming green bars on the histogram, indicating buyers’ presence.
Conclusion:
Altria Group Inc. (MO stock) has waited long to escape the congestion zone, signalled a crossover, and is now ready for a fresh breakout in the upcoming sessions.
Technical Levels:
Support Levels:$40 and $42
Resistance Levels:$48 and $50
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets 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/2023/07/08/altria-group-stock-nyse-mo-stuck-in-a-range-will-it-make-50/