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Philip Morris (PM) finds Buyers at 100; 96 is the Next Critical Support

Philip Morris INTL $PM has been in a sharp correction since it tagged 123.50 back in June this year. The weekly chart shows that the correction accelerated in recent weeks.

PM Weekly Chart

(click to enlarge)

- This past week, price was testing the 101 area, which was a key support area. 
- There is the 100-week simple moving average. This area is also where a common resistance use to be in 2016. 
- Furthermore, the weekly RSI is at a point where it has turned back up historically. 
- We did find some buyers last week, so there is a possibility that PM will drive back up towards the 109-110 area, which is now a potential resistance.
- I think for now, I would limit the bullish outlook to 113-115. 
- As the daily chart shows, this is where the 200- and 100-day simple moving averages reside. And there is a support/resistance pivot area here. 
- Going back to the weekly chart, we can see that if price breaks below 100, there is another critical support around 96-97.

PM Daily Chart

(click to enlarge)