Altria Wave Analysis – 31 July, 2020

• Altria reversed from resistance area

• Likely to fall to 40.30

Altria recently reversed down sharply from the resistance area located between the resistance level 42.90 (monthly high from June), upper daily Bollinger Band and the 61.8% Fibonacci correction of the previous sharp price thrust from January.

The downward reversal from this resistance zone started the active intermediate impulse wave (3).

Altria is expected to fall further toward the next support level 40.30 (low of the two preceding daily Hammers and former top of wave A).