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.