Tobacco stocks have been moving higher over the last two weeks, and a couple of Harmonic patterns suggest that they may have more room to run.
British America Tobacco (BTI) found what many would call a double bottom August 28th. But this was actually a the makings for a Bat or Crab Harmonic. The Bat would support a rise to 113.26 and the Crab to 124 and change. The RSI and MACD support a move higher in this name.
Lorillard (LO) also looks good for more upside. This one is working through a Shark Harmonic. The Potential Reversal Zone allows for a move higher to 45.65 or 46.60. This also has support from the momentum indicators for more upside.
There is similar upside potential in Reynolds American (RAI), Philip Morris International (PM), and Altria (MO). And don’t forget that the worst of thee carries a 2.6% dividend yield while many are over 5%. So who says it does not pay to smoke?
Disclaimer: The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.
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Tobacco Stocks: Moving Even Higher?
Published 09/18/2013, 03:20 AM
Updated 05/14/2017, 06:45 AM
Tobacco Stocks: Moving Even Higher?
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