Philip Morris $PM has been rebounding since late December with the general market. It has recently found resistance, also coinciding with a slowdown in the general market as well. At the moment, PM has a critical resistance at $92.50 - a break above this opens up a bullish outlook.PM Daily Chart(click to enlarge)Recovery Rally:- We can see that PM was bearish coming into 2019, since the highs around $123 in June 2017. - After closing around $66 in late December 2018, it has been rebounding.- Price has recovered almost 40% since that 2018 low to a higher around $92.40. - Even though this was a tremendous rally from the low, it can still be considered a recovery rally, and not necessarily part of a bullish trend.- There is still downside towards $80 (around the moving averages), and the $75-$76 common support area. - Furthermore, the $92.40-$92.50 area was a previous resistance pivot. There is also a falling trendline here, presenting more technical resistance. - A break above $92.50 can open up the $100 area, up to the $104 resistance pivot.- Otherwise, we should be wary of the downside risk to $80, down to $75-$76. PM Weekly Chart(click to enlarge)