| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | BUY STOP |
| Entry Point | 41.65 |
| Take Profit | 43.40 |
| Stop Loss | 41.00 |
| Key Levels | 38.80, 40.60, 41.60, 43.40 |
| Alternative scenario | |
|---|---|
| Recommendation | SELL STOP |
| Entry Point | 40.55 |
| Take Profit | 38.80 |
| Stop Loss | 41.20 |
| Key Levels | 38.80, 40.60, 41.60, 43.40 |
Current trend
Shares of Altria Group Inc., one of the leaders in the tobacco products market, are corrected at 41.00.
The company managed to offset the consequences of falling demand for tobacco products by increasing sales of NJOY electronic devices: in 2023, their supplies increased from 7.5M to 11.1M, while the volume of shipments of traditional tobacco products increased by 32.8% in the fourth quarter, which is still lower than 36.7% earlier.
According to the financial report, diluted earnings per share increased 2.3%, and returns to shareholders exceeded 7.8B dollars in the form of strong dividends and a share repurchase program. In addition, the corporation announced a new program worth 1.0B dollars for 2024. The issuer’s revenue was 5.02B dollars and earnings per share (EPS) were 1.18 dollars. Management projects adjusted diluted earnings to 5.00–5.15 dollars in 2024, which compares to growth rates of 1.0%–4.0% YoY.
Support and resistance
On the daily chart, the trading instrument is moving within the local corrective trend towards the resistance line of the global corridor 42.00–39.00.
Technical indicators are ready to update the buy signal: the EMA fluctuation range of the Alligator indicator has narrowed almost completely, and the AO histogram is forming bars with a tendency to increase just below the transition level.
Resistance levels: 41.60, 43.40.
Support levels: 40.60, 38.80.
Trading tips
Long positions may be opened after the consolidation above 41.60 with the target at 43.40 and stop loss 41.00. Implementation period: 7 days or more.
Short positions may be opened after the consolidation below 40.60 with the target at 38.80. Stop loss – 41.20.
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