Sep 17, 2020, 7:42:11 AM
Altria Group Inc.: wave analysis
The price may fall.
On the 4-hour chart, a downward correction of the higher level develops as the wave 2, and the formation of the wave 3 started, within which the wave (1) of 3 develops. Now, the first wave of the lower level 1 of (1) has formed, and a local correction has started to develop as the wave 2 of (1). If the assumption is correct, the price will fall to the levels of 39.50–37.90. In this scenario, critical stop loss level is 44.80.
Main scenario
Short positions will become relevant during the correction, below the level of 44.80 with the targets at 39.50–37.90. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price above the level of 44.80 will let the price grow to the levels of 47.00–49.33.
Scenario
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Timeframe
Weekly
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Recommendation
SELL
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Entry Point
41.65
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Take Profit
39.50, 37.90
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Stop Loss
42.40
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Key Levels
37.90, 39.50, 44.80, 47.00, 49.33
Alternative scenario
-
Timeframe
Weekly
-
Recommendation
BUY STOP
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Entry Point
44.85
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Take Profit
47.00, 49.33
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Stop Loss
44.10
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Key Levels
37.90, 39.50, 44.80, 47.00, 49.33
