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Shares of Altria (MO) - Get Altria Group Inc Report are taking out a very heavy resistance level today. With the help of a 1.6% gain, Altria is trading at new all-time highs after clearing its multi-week 2015 peak near $61.75. This breakout move extends the stock's rally off the January lows to just over 10%.

With shares still well below an overbought reading, investors should expect more upside in the near term.

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From early November through mid-January, Altria remained in a tight range as it consolidated following the powerful October rally. During this timeframe, the stock built a powerful base near the $56 area. This major support zone included the stock's February, March and August highs of last year as well as a key upside gap during the start of the October surge. When the January rally began, Altria was lifting off extremely solid footing and was leaving behind multiple layers of support.

In the near term, Altria bulls should consider the stock a low-risk buy between $61.50 and $60. This initial support zone includes last week's high at the upper band. At the lower layer is this week's low near $60.50. A close back below this level would indicate a loss of momentum and the beginning of a steep pullback.

With Altria daily and weekly moving average convergence/divergence indicators well below overbought readings, a fresh run further into new all time territory could drive shares quite a bit higher. Investors should consider the stock a buy on weakness as this rally develops further.

Disclosure: This article is commentary by an independent contributor. At the time of publication, the author was long MO.