Philip Morris Formed a Bearish Engulfing Candle

New York, August 8th (TradersHuddle.com) - Shares of Philip Morris International Inc. (NYSE:PM) ended the trading session lower by $0.81 or -0.88% from its previous close. Philip Morris' price action formed what is considered to be a bearish engulfing candlestick chart pattern.

Philip Morris International Inc. (NYSE:PM) licensees, produces, and markets a wide range of branded cigarettes and tobacco products in markets outside of the United States of America. The portfolio include Marlboro, Merit, Parliament, and Virginia Slims.

Philip Morris' current stock range is determined by calculated support defined at $83.79 and by the resistance level at $91.81, which should be used by traders planning their next move.

If traders want to establish a position in Philip Morris, they need to pay close attention at the bearish engulfing pattern, since it could mark a trend reversal in the current price action. The Bearish engulfing pattern is a leading warning sign; therefore, traders should closely monitor Philip Morris for indications of a trend reversal. Below an Engulfing Bearish Candle Illustration:

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