Altria Group, Inc $MO might be setting up for an extended bullish run

Ticker: $MO
Highlight: Altria Group, Inc $MO might getting ready for a bullish breakout


Summary:  $MO staged a bullish breakout near the end of December and towards January but has peaked and has been in downtrend since February which may have been due to news on tax reforms.  From February to early May (shown in squared section of the 1 year chart above), bears took control and stepped on bulls necks  resulting to a large drop in price.  Towards the end of May, bulls appeared to have taken control of the price and has staged a bullish push taking back about a quarter of the loss since February (higher high, higher lows, as shown by the red line above).  The price has now touched SMA 200 and is showing signs of continued recovery and may start to trade above its major support.

Trading plan:  I will open properly sized position (see how I trade below) as a swing trade.  Stop loss is at 200-day simple moving average minus 2x ATR.


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