PM has reached important support

Price has followed the broader trend structure outlined in prior updates since August and has now reached a key mid-term support zone, where at least a temporary bounce is likely.

Alternatively, a breakdown below 140 would increase the odds of a move toward 130 support.
On the macro time frame, the uptrend structure from the 2020 bottom continues to suggest long-term potential for higher resistance targets, as long as price holds above 127.

Chart:
Macro view (Monthly):

Previously:
• On key support to watch (Oct 3):
Chart:
https://www.tradingview.com/symbols/NYSE-PM/minds/?mind=RefgdvSASbW1HLEpk-qjVw

• On immediate downside potential (Sep 25):
Chart:
https://www.tradingview.com/symbols/NYSE-PM/minds/?mind=LYGfigv2SVCGYegdM69qkw

• On downside potential (Sep 5):
Chart:
https://www.tradingview.com/symbols/NYSE-PM/minds/?mind=QCsh2ZbZR2G1nV2eDH5EVw

• On resistance (Aug 11):
Chart:
https://www.tradingview.com/symbols/NYSE-PM/minds/?mind=oEHLlGZ_THW8rVTMEwPk2A