Pfizer Pushing Higher

Today 10/19/20 Pfizer (PFE) broke above the declining trend line from the 07/03/20 peak, this could be a significant bullish signal.

Please see the daily PFE chart courtesy of Trading View.

This current rally which began on 09/21/20 could be the early part of a third of a third Elliott Wave, if so, it could propel PFE into 50 to 60 price range.   What has triggered the move up was news from PFE which came out on 10/16/20.  An excerpt from the article is below.

“PFE said it could be ready to apply for emergency-use authorization (EUA) of its COVID-19 vaccine by late November, assuming it receives positive efficacy and safety data from late-stage human trials.”

Additionally, today the Governor of California mentioned the possibility a Pfizer – Coronavirus vaccine could be available in California by late November.

Traders entered a long position on PFE at the open of trading on 09/18/20.  Subsequently half the position was sold as a stop loss at 35.40.

Buy one quarter of the original position on a move above 39.45.

Published by Mark Rivest

Independent investment advisor, trader, and writer. Articles have appeared on Technical Analysis of Stocks and Commodities , Traders.com Advantage, Futuresmag.com, and Finance Magnates.

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