Philip Morris $PM has been in a bearish correction mode since mid-2017. It has been fairly UNCORRELATED with the major indices i.e. S&P, Dow, Nasdaq. PM started 2018 in correction mode, falling sharply in April. By mid-year though, price started to stabilize above the $76 mark. Now, it looks like price could be confirming a price bottom. PM Daily Chart(click to enlarge)Price Bottom?- As we can see on the daily chart, price action flattened since mid-2018 following a bearish trend.- We can also see price hold above $76 and then $77.50. After a break above $87.20, this could be considered a completed double bottom.- Now price failed to clear and stay above the 200-day SMA, which means this bullish breakout is not convincing yet. - Price pulled back , but is so far respecting the middle of the range between $75.50 and $87.20, around $81. A hold above $81 should confirm the bullish breakout.- A return below $80 is likely part of a bearish continuation swing. - In this scenario (break below $80), the $75-$75.30 area will be vulnerable and should not be relied on for support.- For now, since this is a new bullish development, we should limit the bullish outlook to the $96-$100 area.