Philip Morris continues to ignore the raised volatility in stock markets. The uptrend has been already developing for three months in a row. Investors find a shelter in the form of a defensive share of the price with high dividends (7% in dollars is a reward which could be offered by only a few companies).
The quarterly report of 9 February supported the uptrend. Both revenue and profits raised market expectations. Forecasts for 2022 also turned to be better than consensus forecast.
The RSI is again in the overbought zone. The immediate target of growth is unclosed gap of October 2017 at 112.5. When it is reached, a pullback to the uptrend line is probable.