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A place for friends to gather and view stock market charts, discuss technical analysis and market outlook. What is your Principal Asset? How can it be developed? Each and all should do their own due dilligence and homework before investing. And by no means should you use anything I say or show here as a sole basis to buy or sell securities as everything is for educational experience only.

Sunday, February 2, 2014

MO - Lost it's Mojo

Broken trends all over. The most severe break is the 200 day EMA purple line at 35.38 which is now upward resistance. Also there seems to be a year and a half Head & Shoulders pattern forming starting in March of 2013. Left shoulder 6 months, top from August 2013 till January 2014 - 6 months, and right shoulder fromation Yet Tobe Determined. Interesting how the 50% Fibonacci retracement level of this pattern could have given you an excellent price level to play the bounce back to the 200 day EMA. Now that level of 54.29 will act as short term support. If the pattern comes to fruition there could be opportunities to pick up some more MO less than $32. Bottom line is when this pattern fails it will be a VERY Bullish sign.

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