PM (Philip Morris International, $88.66, up $1.99 at 11:12am CDT).
I’m looking at a trade setup in PM on the buy side today.The setup zone came in at the 85.88-86.67 area and included the coincidence of a .618 retracement, two 100% projections of prior swings along with a 1.618 extension.
So far the price is holding above here and I’m seeing some buy triggers.If the rally from this support is going to continue on up towards the target, we ideally need to clear $89.15- $89.82 on the upside.
Target 1 comes in at $95.64.I am wrong on this trade if we take out the price support cluster on this chart by a decent margin! Maximum stops on any long positions should be placed below the price support cluster.