- The MO Group share price is currently trading at $39.72.
- The company shares have been declined by 6.80% after the Q3 results.
Altria Group Inc., (MO) is a holding company that deals in the manufacturing and sales of tobacco products. It manufactures products like Cigarettes, Moist smokeless tobacco, Machine-made cigars, and Pipe tobacco. The company runs its operation through Smokeable Products, Oral tobacco products, and wine. It is among the large-cap tobacco manufacturer companies with a market capitalization of 69.742 Billion USD.
Huge Decline in Altiar Share Share Price
On 26 October 2023, Altria Group announced its Q3 earnings reports. The earning reports showed a decline in its financial statement compared to its previous Q2 report. However, the net income of the showed a positive growth. After the company posted its financial reports the company share started to fall and was down by 6.90% due to its poor performance.
Altria Group, Inc. (MO) Stock Analysis
The MO share price opened its last intraday session at $39.72 and closed at $39.30 with a gain of 0.1%. The company shares traded with a trading volume of 14.406 Million in its last trading session.
Price Analysis on 1-Day Chart of MO Stock
The MO chart shows that the price formed a strong bearish candle after retesting the neckline of the descending triangle pattern at the $43.25 level. The price is continuing its lower-high formation. Currently, it seems it is taking support from the $39.26 support zone after breaking the $41.07 level which can act as the resistance.
The Price has formed a strong bearish candle after facing rejection from the 50-day EMA line which is a strong confirmation of bearish trend continuation. Both 50-day EMA and 100-day EMA lines are above the price which is also a bearish signal. However, the price can rise to retest the EMA lines as it is trading far from the EMA line.
The Relative Strength Index is at 27.66 and has almost entered the oversold territory. This shows the price recovery can seen after a high selling pressure in the upcoming trading session.
The chart and technical indicators show that the price can rise to retest the $43.25 and the EMA lines in the near future. So we can expect the price can rise to retest the $41.07 level and EMA lines. After which it can continue its fall and can fall to its $39.26 support zone again. If the price gives the breakdown of this level then it falls to its next support at $37.07. If it also breaks below this level then the next support is at $35.06.
The buyers look weak in the current scenario. For them to take control of the price, they must reclaim the EMA lines and $41.07 which will indicate the sellers are getting weak. After which the price may rise to its next resistance at $43.25. If the price also reclaims this level then it may rise to its next resistance at $45.09.
Conclusion
The overall price sentiment of MO stock is bearish. However, we expect a price rise which is indicated by the indicators. After which a downtrend continuation can be seen in the MO 1-day Chart.
Technical levels
Resistance Levels: $41.07, $43.25, and $45.09.
Support Levels: $39.26, $37.07, and $35.06.
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only. They do not provide financial, investment, or other advice. Investing or trading in crypto comes with a risk of financial loss.