Ascending Triangle in Altria Group
Tobacco stock Altria has fought higher all year despite weakness in the broader market. Now it may be forming a potential continuation pattern.
Notice the series of higher lows since February 24, combined with peaks around $53.85. That ascending triangle could suggest the uptrend remains in effect because buyers are active at steadily higher levels.
Next, the bottom of the pattern roughly matches the rising 50-day simple moving average (SMA): another sign of the trend moving upward.
Third, the eight-day exponential moving average (EMA) has remained above the 21-day EMA almost without interruption since early December.
Finally, the last week has seen a potential peaking in bond yields and a breakout in utility stocks. That could potentially signal a shift away from cyclicals toward non-cyclicals (especially as economists cite potential recession risks).
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Notice the series of higher lows since February 24, combined with peaks around $53.85. That ascending triangle could suggest the uptrend remains in effect because buyers are active at steadily higher levels.
Next, the bottom of the pattern roughly matches the rising 50-day simple moving average (SMA): another sign of the trend moving upward.
Third, the eight-day exponential moving average (EMA) has remained above the 21-day EMA almost without interruption since early December.
Finally, the last week has seen a potential peaking in bond yields and a breakout in utility stocks. That could potentially signal a shift away from cyclicals toward non-cyclicals (especially as economists cite potential recession risks).
TradeStation has, for decades, advanced the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
Important Information
TradingView is not affiliated with TradeStation Securities Inc. or its affiliates. TradeStation Securities, Inc., TradeStation Crypto, Inc., and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., all operating, and providing products and services, under the TradeStation brand and trademark. When applying for, or purchasing, accounts, subscriptions, products and services, it is important that you know which company you will be dealing with. Please click here for further important information explaining what this means.
This content is for informational and educational purposes only. This is not a recommendation regarding any investment or investment strategy. Any opinions expressed herein are those of the author and do not represent the views or opinions of TradeStation or any of its affiliates.
Investing involves risks. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures, or digital assets); therefore, you should not invest or risk money that you cannot afford to lose. Before trading any asset class, first read the relevant risk disclosure statements on the Important Documents page, found here: https://www.tradestation.com/important-information.
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