Altria Group, Inc. (MO) Technical Analysis

Today we'll analyze the Stock MO for online market trading,
Technical indicators to notice:
1- Last bullish trend was from 21.67$ (03/20/08) to 22.77$ (03/28/08) a 1.10$ move
2- The current bearish trend started from 22.77$ at 03/28/08 and is currently trading at 21.71$.

3- The stock current support level is at 21.67 which is the 100.00% fibonacci retracement of the last 1.10$ move.
4- The stock current resistance level is at 22.09 which is the 61.80% fibonacci retracement of the last 1.10$ move.
5- According to ADX, the trend is currently bearish,which is becoming weaker.
Short term chart patterns :
6- The Stock traded in a bearish channel identifed by support at 21.67 and 22.86, resistance between 22.77 and 24.12, the channel is currently supported from below by 21.4536 and resisted from above by 22.6473.
Mid term chart patterns :
7- The Stock was supported by a support line, identified by two points: 19.48 and 16.67 that was broken down at 21.71 transforming into a resistance line.
Long term chart patterns :
8- The Stock was supported by a support line, identified by two points: 19.48 and 9.01 that was broken down at 21.71 transforming into a resistance line.

Conclusion:
MO was trading in a bearish wave, which is becoming weaker .
Technical indicators and chart patterns show bearish direction,
recommend hedging long positions or entering short position or bearish spread options strategy .

Resistance Levels: 21.83, 21.96, 22.03, 22.09, 22.11, 22.22, 22.24, 22.35, 22.37, 22.51, 22.77,.
Support Levels: 21.67, 21.37, 20.99,.