Looking for a near-term bounce here for Imperial Brands. IMBBY with Two + years of bullish trading. Also, formed a bullish Pennant clearly outlined in price action. Risk-Reward on this looks solid, waiting for a pop higher for IMBBY then a retest below 22.50 support, then going to enter a long to try to capture that big move to the upside.
IMBBY needs to cross above the 200-day SMA (depicted in neon green), in recent trading the 200-day has acted as a very reliable trend resistance line and it must be surpassed before a major move to the upside is possible for IMBBY. Stop loss is firmly set at 20.00, right around the bottoms of the support trend areas.
IMBBY should work. Even in this volatile market.
IMBBY's winning characteristics: Cheap valuation, Solid balance sheet, high dividend payer, an international scope of business, and a line of products that have highly insensitive demand.
As always this is not financial advice. Good luck!
IMBBY needs to cross above the 200-day SMA (depicted in neon green), in recent trading the 200-day has acted as a very reliable trend resistance line and it must be surpassed before a major move to the upside is possible for IMBBY. Stop loss is firmly set at 20.00, right around the bottoms of the support trend areas.
IMBBY should work. Even in this volatile market.
IMBBY's winning characteristics: Cheap valuation, Solid balance sheet, high dividend payer, an international scope of business, and a line of products that have highly insensitive demand.
As always this is not financial advice. Good luck!
